As of June 30, 2025, Managem's revenue reached 4.422 billion dirhams, marking a slight increase of 0.3% compared to the same period in 2024. This growth is primarily attributed to a significant rise in precious metal prices, with gold increasing by 39% and silver by 26%. Additionally, there was a general consolidation of sales volumes in Morocco.
However, this growth was partially offset by a 4% decline in the MAD/USD exchange rate, a decrease in gold sales volumes in Guinea due to temporary production disruptions, and a drop in revenue from the Pumpi mine in the Democratic Republic of Congo, linked to the suspension of copper and cobalt exports by local authorities.
In the second quarter of 2025, revenue amounted to 2.098 billion dirhams, a decrease of 15.16% compared to Q2 2024. Investments made during the first half of 2025 totaled 2.885 billion dirhams, with 80% allocated to the Group's development projects, primarily the construction works for Boto (gold) and Tizert (copper), which are currently nearing completion.
Furthermore, the Group is actively continuing the construction of its strategic projects in Morocco, including the cobalt sulfate plant and the Tendrara gas project, which is expected to be operational by early 2026. Consolidated net debt reached 14.335 billion dirhams, an increase of 4 billion dirhams compared to the end of 2024, reflecting a sustained investment effort to support ongoing and upcoming projects.
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