Rabat – Central Danone, a subsidiary of the global food manufacturer Danone S.A, saw sales from its Moroccan operations grow by 11% at the end of the four-quarter of 2021 to reach MAD 1.199 billion ($123.2 million).
The company’s overall sales in 2021 reached a cumulative figure of MAD 4.602 billion ($ 473 million), 1% down from the MAD 4.653 billion ($478 million) in sales recorded in 2020, according to the company’s financial statement for 2021.
Commenting on the slight decline in sales, Centrale Danone stated that the economic fallout of COVID-19 is still directly affecting its sales in Morocco.
Centrale Danone has been absent from Morocco’s stock exchange market for nearly three months following a board’s decision to suspend its listing, citing low share liquidity value.
Danone S.A. is a French dairy products multinational listed in the CAC 40, an index comprising the 40 biggest global companies. Danone is present in over 120 markets worldwide.
The French multinational faced a major image crisis in Morocco in 2018, as Moroccans called for boycotting Danone products on social media protesting high prices.
Despite having to cut down milk production in Morocco by 30%, the company said it has no intentions of leaving the North African country.
Instead, it introduced a low-cost milk product and bolstered its Morocco marketing campaign aiming to amend its public image.
Danone sustained a €13.5 million loss in annual revenues in 2018 due to the boycott, a sweeping 40% market share.
With the publication of caricatures depicting Prophet Muhammed on walls in France in 2020, Danone Central returned to the center of attention as new calls to boycott French products erupted on social media.
Read Also: Central Danone Returns to Morocco’s Casablanca Stock Exchange
