Mining sector
Kaoutar Khennach
The Managem group has announced its financial results for the year 2024. They show an increase in both turnover and profits. Its subsidiary SMI, specialising in silver production, also experienced positive performance.
Thus, Managem's turnover for the 2024 financial year amounted to 8.9 billion dirhams, marking an increase of 18% compared to 2023. This growth is notably driven by the rise in the prices of precious and base metals: gold saw its price increase by 19%, silver by 14%, and copper by 12%. Managem also benefited from a recovery in activity in Sudan and an increase in copper sales volumes from the Pumpi project. However, the drop in the price of cobalt (-33%) forced the group to reduce its production in order to preserve the resource.
In terms of profitability, the Gross Operating Surplus (EBE) stood at 2.6 billion DH, up 11%, with a margin of 30% (-190 basis points). Operating income increased strongly by 29%, reaching 1.28 billion DH. The Financial Result also recorded an improvement of 64 million dirhams thanks to a favourable exchange balance. Consequently, the Group's Net Share Result reached 620 million DH, an increase of 21% compared to the previous year.
Taking these results into account, the Board of Directors proposed a dividend of 40 dirhams per share, an increase of 33%.
In 2025, Managem intends to continue the expansion of its projects. The commissioning and start of commercial production for the Tizert (copper) and Boto (gold) projects are expected in the second half of the year. The group also plans to finalise its Cobalt Sulphate project in Morocco, with the launch of the product homologation phase in the last quarter. Furthermore, Managem plans to develop new projects in manganese and graphite, in continuity with its Cobalt Sulphate project, in order to meet the growing demand for refined metals for the electric battery ecosystem.
For its part, Managem's subsidiary, SMI, specialising in silver production, also experienced positive performance in 2024. Its net profit reached 187 million dirhams, up 18 million from the previous year. This progress is attributed to an 11% improvement in operating income, which benefited from the reduction in depreciation thanks to the discovery of new reserves, allowing for the extension of the useful life of assets.
SMI's turnover stagnated at 1.05 billion dirhams, similar to that of 2023, but this resulted from opposing factors, namely an increase in sales prices (+14%) which offset the drop in volumes sold (-12%).
A key element of SMI's performance is the discovery of new silver reserves, which have allowed the mine's lifespan to be extended by more than three years. In 2024, the company's research and development programme added 22 million ounces (MOz), or 680 tonnes of metal, bringing total reserves to 70.2 million ounces.
In terms of outlook, SMI will continue to invest in research and the improvement of its operational performance. The favourable market context, combined with its efforts to develop reserves, will allow the company to maintain a competitive position and contribute to regional development. The Board of Directors also decided to propose a dividend of 80 DH per share for the 2024 financial year.
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