This growth follows a period of stability in the first half of 2024, where turnover reached MAD 965 million, an increase of 1% compared to the previous year. For the one third trimesterthe turnover amounts to 637 MDH, up 7% compared to the 598 MDH recorded in Q3 2023.
Hygiene: solid progress of 12%
The segment Hygiene displays notable growth with a turnover of MAD 578 million, an increase of 12% compared to the first nine months of 2023. This increase is mainly driven by local brands of liquid detergents, whose sales jumped by 17% in Morocco. The launch of the Vitatia shampoo brand also met expectations, contributing to this positive dynamic. Overall sales volumes, including exports and private labels, are up 14%.
Seafood products: a reduction in the decline in Q3
The seafood segmentin decline since the start of the year, displays a turnover of 355 MDH, down 20% compared to 2023. However, the increase in production in the third quarter made it possible to reduce the drop in volumes sold , which went from -50% at the end of June to -32% at the end of September. Sales of canned fish remain down 26%, while accessory products show growth of 7%.
Beverages: strong growth despite logistical constraints
The Beverages segment recorded a strong increase of 43% in its turnover, reaching 275 MDH at the end of September 2024. This growth is mainly due to the increase in volumes (+42%), both for fruit drinks and for water mineral. The Frut, Vitakids and Ain Ifrane brands largely contributed to this progression, despite disruptions linked to the move of the juice production factory.
Season Brand: an increase in margins despite a negative exchange rate effect
Season Brand generated a turnover of MAD 471 million, up 4% compared to September 2023. The reduction in promotions led to a drop in volumes (-8%), but allowed a notable improvement in margins. The currency effect is however negative at -2%.
Mutandis invested MAD 155 million during the first nine months of 2024, mainly to complete the construction of its fourth factory in Dakhla, dedicated to the production of sardine hydrolysates. Furthermore, the group’s net bank debt amounts to MAD 869 million as of September 30, 2024, a significant decrease compared to MAD 1,102 million at the end of 2023.
For the whole of 2024, Mutandis anticipates an increase in its margins of around 20% for gross operating surplus (EBE) and Current Net Profit, thus confirming its strategy of consolidating growing segments and debt reduction.
