SMI: Declining Profits in the First Half of 2025

As of the end of June 2025, SMI's revenue reached 628 million MAD, an increase of 36 million MAD compared to the same period last year. This positive trend is attributed to the rise in silver selling prices, which offset a 7% decline in sales volume and the negative impact of the USD-MAD exchange rate depreciation. The gross operating surplus stands at 302 million MAD, while operating profit is reported at 187 million MAD, reflecting improvements of 36 million MAD (+13.5%) and 31 million MAD (+19.8%), respectively. This indicates an enhancement in the operating margin, which increased by 2 percentage points to reach 48%. However, the financial result has decreased to -19 million MAD due to a significant drop in the USD-MAD exchange rate. The net profit is reported at 108 million MAD, showing a slight decline of 8 million MAD. This reflects the positive evolution of operating profit, tempered by the deterioration of the financial result and an increase in tax expenses. Looking ahead, the Metallurgical Company of Imiter plans to continue its efforts to boost production and control costs in the second half of the year, aiming to fully capitalize on the favorable environment associated with rising silver prices.