Stable turnover in the first quarter of 2024

Stable turnover in the first quarter of 2024
Stable turnover in the first quarter of 2024

At MAD 470 million, Mutandis posted stable turnover (+1%) in the first quarter of 2024. Here is the detail by business line:

Detergents: 172 MDH (+6%) – Resumption of growth of our own brands in Morocco, which represent the majority of our turnover. Turnover is up +8% vs Q1 2023 (+11% in volume);

– In Q1 2024, overall turnover (including export and private label) is +6%, with volumes up +8% vs. 2023.

Seafood: 54 MDH (-51%) – Sales volumes of canned goods are down at the end of March 2024 (-49%). This drop is explained by a lack of stock at the start of 2024, combined with a historically high Q1 2023. Demand remains strong;

– At the end of March 2024, total turnover is -51% vs. 2023, canned turnover is down -52% and sales of accessory products are down -34%.

Drinks: 86 MDH (+48%) – Very strong increase in volumes (+50%), both for fruit-based drinks and mineral water;

– Turnover at the end of March 2024 is up sharply +48%, driven by Frut, Vitakids and Ain Ifrane.

Season Brand: 158 MDH (+17%) – At the end of March 2024, Season brand’s turnover was MAD 158 million, up +17% compared to Q1 2023, thanks to the increase in sales prices with stable volumes. The exchange rate effect is negative 2%.

Guidance 2024: At this stage, we are maintaining the guidance published in February, regarding our EBE and our current RN (+10% to +15% for the two indicators). – Turnover should be stable, penalized by lower promotional activity in the USA, with no impact on the margin.

Capex and net debt

– Investments at the end of March 2024: MAD 72 million.

– Net bank debt as of March 31, 2024: 1,075 MDH (vs. 1,102 MDH as of December 31, 2023).

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