2023-09-01 12:00:05
The progress rate of the sugar campaign was 62% at the end of June.
Despite the difficult climatic conditions and a period of historic and exceptional drought, the Cosumar Group, with the support of institutional partners and the central and regional authorities, deployed all the means necessary to partially mitigate the impact on the countryside.
The sugar industry is resistant to climatic hazards. The current sugar campaign shows a progress rate of around 62% in the first half compared to 77% observed at the end of June 2022. This development was noted in the Cosumar Group’s recent financial communication. “The beet campaigns started as planned at the start of the 2nd quarter of 2023 in difficult weather conditions. The rainfall deficit and the very low filling rate of the dams have impacted the growth of sugar beet”, observes Cosumar in this sense. And to specify that “despite the difficult climatic conditions and a period of historic and exceptional drought, the Cosumar Group, with the support of institutional partners and the central and regional authorities, has deployed all the necessary means to partially mitigate the impact on countryside “.
From a financial standpoint, the Group achieved a consolidated turnover of 4.95 billion dirhams in the first half of the year compared to 5.07 billion dirhams in the same period last year, i.e. a decline of around 2.3% year-on-year. Analyzing this poor performance, Cosumar attributes it to the withdrawal of export sales. Indeed, the sugar operator observed at the same time a slight increase in sugar consumption on the national market at a time when export sales were down. As for the supply of the national market in sugar, it emerges at a regular rate, thanks to the industrial performance of the Casablanca refinery. Furthermore, Cosumar saw its net debt improve over the first six months of the year.
It stands at 919 million dirhams against 985 million dirhams at the end of December, ie an increase of around 6.7%. With regard to investments, 104 million dirhams were mobilized by the group against 164 million dirhams a year earlier. These investments mainly concern the continuation of work to upgrade and maintain the industrial tool. In terms of outlook, the Group will continue during the second half of 2023 its efforts to support farmers for the launch of the 2024 agricultural campaign in order to carry out the cane planting and beet sowing programs. It also reiterates its commitment to work to contribute sustainably to the country’s food sovereignty and to make every effort to ensure a normal supply of the national sugar market.
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