In the first half of 2024, COSUMAR, Morocco’s leading sugar producer, recorded a consolidated revenue of 4.98 billion dirhams, representing a modest increase of 0.5% compared to the same period in 2023. This growth was primarily driven by increased sugar sales in the domestic market.
COSUMAR’s Consolidated EBITDA (IFRS) reached 1.01 billion dirhams by the end of June 2024, up 9.9% from 920 million dirhams in the previous year. This improvement is mainly attributed to enhanced industrial performance at the Casablanca refinery and higher local sales volumes.
The group’s net income attributable to shareholders (RNPG) amounted to 412 million dirhams, an increase of 43 million dirhams compared to the same period in 2023.
The Sidi Bennour refinery project was completed on schedule and is now operational, with an annual production capacity of 500,000 tonnes. This new refinery increases COSUMAR’s total annual white sugar production capacity to 2.5 million tonnes. The Sidi Bennour refinery is expected to significantly boost the group’s overall performance, stimulate regional economic activity, and contribute to sustained growth.
In the second half of 2024, COSUMAR, with the support of institutional partners and central and regional authorities, will continue to assist farmers in preparing for the 2025 agricultural campaign. This includes efforts to maximize national sugar production through planting and seeding programs for sugar crops. The group is also committed to supporting Morocco’s food sovereignty by ensuring the consistent supply of sugar to the domestic market.
Looking ahead, COSUMAR is exploring diversification projects and potential acquisitions of international sugar assets as part of its long-term development strategy.
The group’s standalone EBITDA reached 875 million dirhams, up 13% year-on-year, largely due to increased domestic sugar sales. However, net income stood at 503 million dirhams, influenced by the withdrawal of dividends from subsidiaries due to the challenging social performance of sugar mills, which were affected by difficult climatic conditions in 2023.
