At the end of the second quarter of 2022, Mutandis posted a 48% increase in turnover.
Detergents: 329 MDH (+12%)
– Sales volumes increased by +8% vs H1 2021, despite price increases in several categories (hand powder, bleach, household cleaner, etc.). At the end of June, our own brands, which represent the bulk of our sales, were up +10% vs H1 2021;
– This change is driven by sales of machine powder and dishwashing liquid (+128% and +61% vs H1 2021);
– Revenue from third-party brands, marginal in our business, is down -14% vs H1 2021, but offset by the increase in export sales (x3 vs H1 2021).
Seafood: 254 MDH (+27%)
– Significant export price increases had no impact on volumes sold, which remained stable over the half-year;
At the end of June 2022, canned sales were up 16% vs. June 2021, due to the combined effect of rising prices and stable volumes;
– Over the same period, supplies are improving as well as the catches of our RSWs.
Food bottles: 167 MDH (+8%)
At the end of June 2022, volumes were up sharply at +22%. This progress is explained by:
– A sharp increase in consumption following the total lifting of health restrictions;
– An increase in security stocks at our customers.
First-half sales were up +8%, (+61%, combining price effect and volume effect, if we exclude a sale of raw materials made in H1 2021).
Fruit juice: 36 MDH (-8%)
– At the end of June 2022, the category posted a drop in own-brand sales of -8%, equivalent to the drop in its volumes due to the entry of a new player on the market;
– The reopening of borders in mid-February allows the gradual resumption of sales to airlines (+190%).
Season Brand : 235 MDH
– In H1 2022, Season Brand’s revenue was MAD 235 million, up +17% compared to H1 2021 for information purposes (Season only being consolidated since August 1, 2021);
– During the half-year, monthly sales of the Season range were in line with forecasts for 2022.
Capex and net debt
– H1 2022 investments: 106 million dirhams.
– Net bank debt as of June 30, 2022: 586 MDH (vs 716 MDH as of December 31, 2021).
Guidance 2022 :
– The 2nd quarter of 2022 is up compared to our objectives. Selling price increases are generally accepted, in particular for certain categories of detergents, canned goods for export, food bottles or even the Season range;
– In addition, significant operational savings have been undertaken to contribute to the return to normative margins from the fourth quarter of 2022;
– Forecasts were published during the OPV in January 2022. At this stage, and despite the invasion of Ukraine that occurred in February and the extreme levels of input prices, we are in line with these forecasts. We anticipate a strong increase in revenue and an increase in EBITDA (EBITDA) compared to 2021.
