2023-08-01 07:45:46
> The inflationary context has caused a contrasting trend in consumer demand (decline in Africa and Morocco, increase in the USA and Europe);
> The rise in prices and the evolution of the volumes sold by Mutandis enabled a satisfactory increase in turnover for the half-year, with markedly improving margins due to the stabilization of the cost of inputs;
> The successful launch of the new drink Frut enabled a strong increase in turnover and drink volumes;
> The turnover published in H1 does not include that of the mineral water activity, recently acquired
Detergents: 336 MDH (+2%)
– Private brands in Morocco, which represent the bulk of sales, are up +4% vs H1 2022, driven by powder and liquid detergent. Market shares are globally stable or improving;
– At the end of June, global sales (including export and private label) were at +2%, with volumes down -7% vs H1 2022;
– The delay in the date of aid el kebir penalized sales in June 2023 compared to that of 2022 (closure of wholesalers and grocers).
Seafood: 249 MDH (-2%)
– Canned sales volumes were down at the end of June 2023 (-14%) following the drop in demand in Africa;
– At the end of June 2023 and despite the drop in volumes, canned sales were up +6% vs. H1 2022, driven by the mix effect (USA and Europe) and rising prices.
Food bottles: 165 MDH (-1%)
– The category’s volumes are down slightly by -3% at the end of June 2023, compared to a particularly high H1 2022;
– The evolution of turnover is similar to that of volumes.
Fruit juice: 54 MDH (+51%)
– The category’s sales are up +51% vs H1 2022 and volumes up +83% thanks to the successful launch of the new Frut drink;
– Sales to airlines and exports are up sharply (+50% and +38% vs H1 2022).
Season Brand : 296 MDH (+26%)
– In H1 2023, Season brand’s sales were MAD 296 million, up +26% compared to H1 2022 thanks to the combined effect of higher volumes and selling prices, with a positive foreign exchange effect on the period ;
– During the semester, sales volumes are up +11% vs H1 2022 due to higher promotional activity in 2023.
PERSPECTIVES
Guidance 2023: – At this stage, the company is in line with its 2023 roadmap published last February, with regard to the progression of its EBITDA and its net current result, indicates the management.
CAPEX AND NET DEBT
– Investments June 2023: 101 MDH.
– Net bank debt as of June 30, 2023: 954 MDH (vs 739 MDH as of December 31, 2022).
1690890216
#revenue