Mutandis: Current Net Income Up 32% in the First Half of 2025

In the first half of 2025, Mutandis recorded consolidated revenue of 902 million MAD, a decrease of 7% compared to the same period in 2024. In the hygiene segment, revenue reached 373 million MAD, reflecting a 2% increase from H1 2024. The volume of products sold grew by 9%, primarily driven by liquid products, which are priced lower per kilogram than powder products. The introduction of larger formats, facilitated by the new detergent factory, also contributed to the difference between volume and revenue. Market shares remained stable or slightly increased. In the beverages sector, revenue fell to 107 million MAD, a decline of 39% compared to H1 2024. The Ain Ifrane factory operated for only three months (from April to June) and resumed operations at 60-65% of its capacity following a breakdown. The overall fruit juice market is experiencing a downturn. The Vitakids and Frut product lines are adapting to market trends, while 1L Tetrapaks are struggling due to a significant rise in concentrate prices. In the seafood segment, revenue was stable at 438 million MAD compared to H1 2024. Season's revenue increased by 11% in USD (5% in MAD), with volumes up by 7%. This semester included a promotional month at Costco, unlike H1 2024, and marked the introduction of products at Sam’s Club, a Walmart subsidiary. The launch of Marine in Morocco was successful, with a 60% increase in volumes and a 51% rise in revenue. Deliveries from Anny grew by 53%. However, production for private label brands declined due to insufficient stock, as did sales of co-products. Despite the slight decrease in revenue, the EBITDA stood at 163 million MAD, remaining stable compared to H1 2024. Overall margins improved, and operating expenses decreased. Current net income reached 69 million MAD, a 32% increase compared to H1 2024, supported by positive financial results due to the appreciation of financial investments. Total net income was 68 million MAD, down from 106 million MAD in H1 2024, which included a capital gain from the sale of the bottle and cap business. Capital expenditures (Capex) amounted to 58 million MAD in H1 2025, covering the completion of the hydrolysates factory in Dakhla, as well as maintenance and improvement investments. Net bank and bond debt remained nearly stable at 860 million MAD as of June 30, 2025, compared to 851 million MAD on December 31, 2024. Looking ahead, the company announced new annual guidance. The EBITDA for 2025 is expected to be close to that of the previous year, while current net income is projected to grow in the range of 5% to 10%. The year 2026 will benefit from a full and normative year for the Ain Ifrane factory and hydrolysate production.