The start of 2025 has proven to be a mixed bag for Moroccan consumer goods group Mutandis, which reported a dip in revenue to 452 million dirhams for the first quarter—down from 470 million dirhams during the same period last year. While the 4% decline is modest, it marks a sharp contrast to the momentum seen at the close of 2024 and exposes some underlying operational weaknesses.
A major blow came from the temporary shutdown of the Ain Ifrane plant, caused by a dual technical failure. This disruption hit the Beverage division particularly hard, slashing its revenue by 58% to just 36 million dirhams. Shipping delays also hampered performance, especially in canned food exports to African and European markets, where logistical bottlenecks weighed on results despite otherwise solid demand.
In this challenging environment, the Hygiene segment stood out as the only consistent performer, posting a 6% increase driven by rising volumes—particularly in liquid detergents. The Vitaïa brand also continued to gain traction, benefiting from growing interest in personal care products.
Seafood, which remains the company’s primary revenue driver, delivered an 11% increase, buoyed by strong demand in North America and Morocco. In the U.S., the flagship Season brand surged by 35%, while local brand Marine grew 10%. However, these gains were offset by a sharp drop in exports to Africa and Europe, where a lack of inventory led to a 37 million dirham shortfall in the first quarter.
Looking ahead, Mutandis is pinning strategic hopes on the upcoming launch of its hydrolysate production facility in Dakhla. Once regulatory approvals are secured, the company expects to begin exporting from the site—a move it sees as a key step in expanding its industrial footprint.
On the financial side, capital expenditures reached 37 million dirhams by the end of March. However, net bank debt continued to climb, rising by 100 million dirhams to a total of 950 million.
Despite this slower-than-expected start, Mutandis has not revised its full-year targets. The company remains confident in achieving a 10% increase in EBITDA and forecasts a net income growth of between 10% and 15% for 2025.
