Slight decline in profits in the first half of 2020

– Decrease in the local market offset by the increase in turnover from the export activity.

– Good progress of the agricultural campaigns despite difficult climatic conditions and the health crisis.

Cosumar confirms a consolidated turnover of 4.26 billion dirhams in the first half of 2020, up 3.8% compared to H1 2019, mainly thanks to the increase in the volume of export sales which offset the decrease of local turnover.

The consolidated gross operating surplus stands at MAD 912 million, practically at the same level as at the end of June 2019, when it was MAD 927 million (-1.6%).

The impacts of unfavorable weather conditions and the first effects of the pandemic on agricultural activity and local turnover were absorbed by the increase in export activity in the first half of 2020 of 22% and 36% respectively in volume and in value compared to the same period in 2019.

The group share of net income stands at MAD 367 million, a decrease of 9.9% compared to June 2019.

In corporate accounts, EBITDA is down 6.8% to MAD 617 million. The RN is 348 million dirhams, down 34%.

Cosumar indicates that the construction of the refinery Durrah in Saudi Arabia is 98% finalized. However, the closure of airspace has frozen the travel of technicians and engineers in charge of the tests and trials necessary to start the company’s commercial activity.

Cosumar is deploying the necessary means to ensure the group’s future achievements in the context of the pandemic and its impact on local sales and will try to minimize the impact on the 2020-2021 sugar campaign of the low levels of dams for irrigation use which limit the areas contracted.

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