Mutandis closes 2024 with strong profitability, fueled by the booming beverages segment, despite a nearly stable revenue of 2.116 billion dirhams (-2%). The group’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surged by 24% to 351 million dirhams, while net recurring income jumped 25% to 128 million dirhams.
Beverages have emerged as Mutandis’ main growth driver, with volumes soaring 27% thanks to the rising demand for Frut and Aïn Ifrane. The segment’s revenue skyrocketed by 26%, a remarkable achievement considering the relocation of the Kénitra plant to Berrechid and industrial upgrades in Ifrane. This success underscores the growing dominance of Mutandis’ juice and mineral water brands in the market.
Other business segments showed mixed performances. The hygiene division grew by 14%, driven by strong sales in liquid detergents and the promising launch of Vitaïa shampoo. In contrast, seafood products faced a 19% revenue decline, impacted by the late return of fish stocks. Season Brand saw a 4% drop in sales due to a strategic reduction in promotional volumes, but profit margins improved significantly.
Mutandis continued its strategic investments, injecting 261 million dirhams in 2024, including funds for the completion of the fourth Dakhla plant, dedicated to sardine hydrolysates. Meanwhile, net bank debt dropped to 850 million dirhams, down from 1.019 billion dirhams the previous year.
Looking ahead to 2025, Mutandis expects EBITDA growth of around 10%, while net recurring income is projected to rise by 10% to 15%. The launch of the eleventh Dakhla factory, focused on canned seafood and hydrolysates, is set to strengthen this momentum. The group also maintains a stable dividend of 10.5 dirhams per share.
