Casablanca - Double-digit growth was delivered at the top-line level.
Casablanca – Double-digit growth was delivered at the top-line level.
Label’Vie consolidated revenue stood at MAD 7,557.3m (up 12.3% YoY) thanks to sales of goods which soared by 11% YoY.
This performance was driven by the increase of sales at comparable Group structure by MAD 140m, but also by the increase of sales at stores opened in 2015 by MAD 286m, as well as thanks to the MAD 220m sales realized at the stores opened in 2016.
As far as sales of services are concerned, Label’Vie jumped by 30% YoY mainly thanks to the sales of services related to back margins, in addition to the increase in rental income following the merger of VLV and Petra and the integration of this latter in the group’s scope of consolidation.
The group’s retail space increased by 16,700 m². At this regard, it is worth noting that there is a huge development potential for modern distribution in Morocco (11 m² per capita in Morocco vs. 200 m² per capita in Europe and 40 m² per capita in Turkey in 2015).
Thanks to decent volumes and to the positive impact from economies of scales, consolidated EBIT surged by 41.6% and stood at MAD 373m. Finally, consolidated Net Income rose by 50.6% and stood at MAD 164.6m.
Going forward, management expects to pursue its development program in 2017 by opening 15 new stores. Management expects positive prospects for the group and announced that they will maintain their dividend distribution policy.
For the Shareholders’ Meeting, the Board of Directors will propose the distribution of a dividend of MAD 80 per share (stable YoY).