The Sonasid Group recorded a consolidated revenue of 2.437 billion dirhams (MMDH) by the end of June 2024, reflecting a 4% decrease compared to the same period last year. This decline is attributed to a significant increase in Chinese steel exports since 2023, driven by overcapacity and slowing domestic demand in China, which has led to a downward trend in global steel prices, according to a statement from Sonasid on its quarterly indicators.
For the first half of 2024, Sonasid’s standalone revenue reached 2.386 MMDH, also down by 4% compared to the previous year.
In terms of investments, Sonasid allocated 74 million dirhams (MDH) by the end of June 2024, as part of a broader budget plan totaling 184 MDH for the year. Notably, the company is currently constructing a new pre-stressed wire production unit, with the commercialization of this high-potential product expected by the end of 2024.
Sonasid’s cash surplus stood at 532 MDH as of the end of June, continuing a trend of allocating available excess funds toward value-creating industrial investments.
Looking ahead, Sonasid remains committed to fostering a sustainable economic model by leveraging new growth opportunities through the launch of innovative products and services. The company also aims to strengthen its regional leadership in the production of low-carbon steel.
