Despite challenging conditions, including a delayed start to the fishing season, Mutandis has displayed impressive resilience in the first half of 2024. The group’s revenue remained relatively stable at 965 million dirhams, though performance varied across its different sectors.
The hygiene sector was a standout, recording a 9% growth in revenue, driven by a recovery in volumes and the successful launch of the Vitaia brand. The beverage division also saw exceptional results, with a 74% surge in revenue. This success was powered by flagship brands like Marrakech, Frut, and Vitakids, as well as the strategic relocation of the production plant. On the downside, the seafood segment saw a 43% drop in revenue, directly impacted by the late start of the fishing season.
Mutandis’ profitability improved significantly, with a 35% increase in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) to 163 million dirhams. This growth can be attributed to stronger margins across several sectors and the sale of the bottle and cap business, which generated an extraordinary gain of 54 million dirhams. The group’s net current income also rose by 20% to reach 52 million dirhams.
Despite substantial investments amounting to 124 million dirhams, notably for the construction of a new factory in Dakhla, Mutandis managed to reduce its net debt to 710 million dirhams, reflecting prudent financial management.
Encouraged by these positive results, Mutandis has revised its annual forecasts upwards, now expecting EBITDA and net current income to grow by approximately 20% for the full year 2024. This renewed optimism highlights the group’s ability to navigate challenges, seize opportunities, and maintain a growth trajectory, even in an uncertain economic environment.
