The consolidated turnover of Mutandis was 452 MDH in the first quarter of 2025, down 4 % compared to the first quarter of 2024. This decrease remains limited thanks to the growth of hygiene activities in Morocco and preserves in the United States, which partially compensated for the temporary closure of the Ain Ifrane factory and the delays in the delivery of preserves to Africa and Europe.
In hygiene activity, turnover reaches 183 MDH, up 6 %. This performance is based above all on a high increase in volumes (+16 %), mainly carried by liquid detergents, as well as a favorable change in the product and formats mix. In addition, Vitaïa, the brand dedicated to the hygiene of the person, continues its development dynamics.
The drinks activity displays a turnover of 36 MDH, down 58 % explained by a double machine breakdown at the Ain Ifrane factory, which led to the complete stop of production from January 1 to March 15, when the activity has taken over. More generally, the judgment made it possible to put all the installations to the best standards. Fruit drinks experienced a good start to the quarter, but a month of March (Ramadan this year) negatively impacted by rainfall and lower temperatures.
On the global perimeter of seafood, turnover amounts to 238 MDH, up 11 %. In the United States, the Season Volumes sold and turnover increased by 35 %, supported by a particularly favorable March. In Morocco, the Marine brand is growing 13 % in volumes and 10 % in turnover. On the other hand, deliveries to Africa and Europe are 37 MDH lower than those of the first quarter of 2024, due to a lack of stocks at the start of the year. Overall, this quarter remains insignificant for the production of preserves of sardines and co -products, following a biological judgment and naval maintenance operations. Finally, the Dakhla hydrolyzes factory is now completed and exports should start as soon as homologation is.
As of March 31, 2025, investments (CAPEX) amounted to 37 MDH. Net bank debt reaches 950 MDH, compared to 850 MDH on December 31, 2024.
At this stage of the year, management maintains the guidance announced in February 2025, with EBE growth expected around +10 % and an increase in current net profit between +10 % and +15 %.
