Casablanca - The group’s consolidated revenue jumped by 12.8% to stand at MAD 7,865m driven by an increase in revenue from exports.
Casablanca – The group’s consolidated revenue jumped by 12.8% to stand at MAD 7,865m driven by an increase in revenue from exports.
Thanks to the group’s commercial and operational capabilities, Cosumar has taken advantage of many opportunities internationally.
Also, consolidated EBITDA leaped by 23.5% to MAD 1,795m thanks to the positive impacts from heavy investments during the previous years which hovered around MAD 6b.
Because of an exceptional 2016 sugar campaign, as well as to the improvement of white sugar exports, and finally to a lower energy bill, Cosumar’s net income group share soared by 45.5% to MAD 934m vs. MAD 973m guided by management in the prospectus related to the capital increase through a merger with Sucrafor published in December 2016.
The press release also mentions the investment in Saudi Arabia that the group made in 2016. Cosumar has launched the construction of a new refinery on the northwest North west of Saudi Arabia in Yanbu region with a capacity of 840 kt in order to supply the local market and export to neighboring countries.
Although no guided figures were given by management, they foresee a great sugar campaign in 2017 thanks to favorable climate conditions along with excellent agronomic and industrial performances in 2016.
Thanks to the company’s financial performance which allows for further investments, Management will deploy sizable investments for agricultural mechanization and in R&D in order to improve the agricultural upstream which will in turn spur productivity and revenue.
The board of directors has decided to strengthen the capital by issuing new shares through a capitalization of the reserves and the distribution of one bonus share for every two shares held. Henceforth, number of shares will increase from 41,994,286 to 62,991,429 shares.
For the Shareholders’ Meeting, the Board of Directors will propose the distribution of a dividend of MAD 13 per share (up by 20.4% YoY).