In 2024, the Société Métallurgique d’Imiter (SMI), Managem Group’s silver-focused subsidiary, achieved a major breakthrough in its exploration and development program. After sustained prospecting efforts, the company uncovered an additional 22 million ounces of silver reserves—nearly 680 metric tons of metal. This discovery brings SMI’s total reserves to 70.2 million ounces and extends the lifespan of the Imiter mine, located in Morocco’s Tinghir region, by more than three years.
This geological advancement came alongside a strong financial performance. Net income for 2024 reached 187 million dirhams, up 18 million from the previous year. Operating income rose by 11% to 261 million dirhams, a boost largely driven by reduced depreciation costs—an effect of the newly identified reserves that have extended the useful life of the company’s mining assets.
Annual revenue held steady at 1.053 billion dirhams, matching the previous year. However, behind that stability lies a strategic balancing act: a 14% rise in silver prices helped offset a 12% drop in sales volumes. This tactical approach to managing output and pricing underscores SMI’s ability to respond effectively to the shifting dynamics of the global precious metals market.
The company’s board of directors, chaired by Imad Touimi, met on March 25, 2025, to approve the year-end financials and review the outlook for the year ahead. SMI is aiming to maintain its momentum in 2025 by continuing its mineral exploration efforts and pursuing operational efficiencies. The broader goal remains consistent: to strengthen the company’s performance while actively contributing to the socio-economic development of the region surrounding the Imiter mine.
In light of these results, the board has proposed a dividend payout of 80 dirhams per share for the 2024 fiscal year, reaffirming both SMI’s financial resilience and its ongoing commitment to rewarding shareholders.
