Managem closed out 2024 on a strong note, posting an 18% increase in revenue compared to the previous year, reaching 8.86 billion dirhams. This solid performance was driven by rising prices for precious metals and the successful ramp-up of several key projects across the group’s portfolio.
Gold, silver, and copper prices all saw upward trends in 2024, playing a central role in boosting revenue. The group also benefited from the resumption of operations in Sudan, which led to higher gold sales, while the Pumpi project continued to be a major contributor to copper output. These gains helped offset the sharp drop in cobalt prices, which forced Managem to temporarily scale back production to conserve resources.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 257 million dirhams to reach 2.65 billion. Favorable exchange rate movements added another 64 million to financial income. Net income attributable to the group came in at 620 million dirhams, up 105 million from the previous year, despite a 212 million increase in the tax bill.
The year marked a strategic pivot for Managem, with several flagship projects nearing completion. In Morocco, the Tizert copper project advanced into its final phase, while the Boto gold mine in Senegal also moved closer to full operation. The company further deepened its presence in West Africa with the acquisition of the Karita gold project in Guinea, which holds nearly two million ounces in estimated resources.
At the same time, Managem expanded into natural gas through the acquisition of Sound Energy Morocco East Ltd—now renamed Mana Energy—marking a significant diversification into the energy sector. The company also continued to streamline its portfolio, shedding non-core assets with the sale of SAMINE in August 2024 and CMO (Oumjrane) in January 2025.
Looking ahead to 2025, Managem plans to begin commercial operations at both Tizert and Boto in the second half of the year. It will also complete construction of a cobalt sulfate plant in Morocco, which is expected to enter the certification phase by year-end. The group is preparing to launch new ventures in manganese and graphite, reinforcing its move into battery-critical minerals and positioning itself further up the value chain.
Reflecting its robust financial health and confidence in future growth, the board of directors will propose a dividend of 40 dirhams per share for the 2024 fiscal year at the upcoming general assembly.
