Profits up 8.2% for Cosumar in 2022

COSUMAR achieved a consolidated turnover up 14.5% in 2022 compared to the previous year, amounting to 10.43 billion DH. This change is due to the improvement in refining activity. The volume of export sales amounted to 752,000 tonnes at the end of December 2022, up 15%. The group share of net income comes to 826 million dirhams, up 8.2% over one year.

Good performance for COSUMAR in 2022. The sugar group achieved a consolidated turnover up 14.5% compared to the previous year, amounting to 10.43 billion DH (MMDH). This growth is driven by the improvement in refining activity, explains the group in a press release. The volume of export sales amounted to 752,000 tonnes at the end of December 2022, up 15%. The IFRS consolidated gross operating surplus amounted to 1,718 billion dirhams, down 7% compared to the previous year “due to the price spike purchase of inputs and energy materials and the extremely difficult climatic conditions that have impacted national production”, it is underlined. The improvement and innovation projects carried out in 2022 have made it possible to mitigate this drop, specifies the refiner.

The group share of net income stands at 826 million dirhams, an improvement of 8.2% compared to 2021, a year which had been impacted by the start-up costs of the Durrah Refinery. In social terms, the gross operating surplus of COSUMAR SA at December 31, 2022 reached 1,328 billion dirhams, up 6% over one year, an increase mainly due to the increase in the volume of COSUMAR SA’s local sugar sales by compared to its sugar subsidiaries as well as by the growth of the export activity. The net social result stands at 856 MDH, an improvement of 1.3% compared to the achievements of 2021.

Following these results, the Board of Directors proposes to the General Assembly the distribution of a dividend of 7 dirhams per share. With regard to the outlook, the sugar operator indicates that the plantation operations of the sugar cane and a half of the sugar beet are finalized in difficult water conditions, with “the strong mobilization of public authorities and the ecosystem (agricultural partners, institutions, etc.”). The COSUMAR Group undertakes to continue “to succeed in all efforts to ensure a normal supply of the national sugar market despite the defined climatic conditions impacting local sugar production and an international context marked by a surge in the price of raw materials”.

Also read: Cosumar: turnover up 15.8% and profit down 76 million dirhams at the end of June