2023-09-25 20:22:39
A first half in the red for the Moroccan market leader in vinyl products and electrolysis products. The SNEP group posted a consolidated net profit loss of 20.5 million dirhams (MDH) at the end of the first six months of the year.
Turnover stood at MAD 478.3 million, down 23.3% compared to the end of June 2022, the company indicates in a financial press release.
This withdrawal essentially results, it is explained, from the sharp drop of more than 40% in the selling price of PVC, caused by the glut of supply on an international scale.
Another explanation put forward: the scheduled shutdowns necessary to carry out the start-up tests of the new installations, combined with those of security during this phase, which impacted the industrial and financial performance of the first half of 2023.
On the outlook side, the group ensures that the start-up tests of the new installations are taking place according to the safety standards in force and will make it possible to increase production capacities from October 2023.
Note that the auditor has reported a tax audit in progress within the company. An audit notice from the tax administration concerning corporate tax (IS), income tax (IR) and value added tax (VAT) for the financial years 2019 to 2022, was received by SNEP on June 20.
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