Managem’s net profit attributable to the group (RNPG) dropped to 259 million dirhams (MDH) in the first half of 2024. This decrease is primarily due to higher taxes and an increase in the share of results allocated to minority interests, according to a statement published by the company on the Moroccan Capital Market Authority’s (AMMC) website.
Despite this decline, the consolidated net profit saw an increase, rising from 324 MDH to 355 MDH, reflecting improved operational performance and financial results. The gross operating surplus amounted to 1.422 billion dirhams, indicating stable business fundamentals.
Managem also reported a 5% increase in revenue, reaching 4.408 billion dirhams. This growth was driven by the appreciation of precious and base metal prices, including a 16% rise for gold, 13% for silver, 14% for copper, and 6% for zinc. Additionally, the company benefited from improved gold production following the resumption of operations in Sudan, as well as strengthened silver sales.
However, the positive trends were partially offset by a decline in activities related to cobalt, as the metal’s prices collapsed. Moreover, polymetallic operations were impacted by the temporary suspension of work at the Guemassa site due to the completion of a new seismic-resistant dam.
