Cosumar’s Board of Directors met on September 20, 2022, under the chairmanship of Hicham Belmrah, to examine the activity of the first half of the 2022 financial year, and closed the accounts as of June 30, 2022.
In detail, the consolidated turnover achieved by the Cosumar Group at the end of June 2022 rose by +15.8% to 5,076 MDH against 4,382 MDH during the first half of 2021.
This improvement is mainly driven by the growth of export sales, which increased by 22.9%, thus recording a volume of 380 Kt at the end of June 2022 against 309 Kt at the end of June 2021.
IFRS consolidated gross operating surplus stood at 903 MDH at the end of June 2022, down -7.5% compared to its level in the same period of the previous year (976 MDH).
This decline is explained mainly by the surge in the purchase prices of energy inputs and materials due to the difficult international situation and the drop in local production due to difficult climatic conditions.
Energy efficiency projects continued at Group level to partially mitigate the impact of these increases. Net income Group share (RNPG) at the end of June 2022 amounted to 401 million dirhams, a drop of -76 million dirhams compared to the end of June 2021, mainly explained by the drop in gross operating surplus.
In the corporate accounts, Cosumar SA’s gross operating surplus as of June 30, 2022 amounted to 673 million dirhams, marking an increase of +7.9% compared to the same period of the past year. This improvement is explained by the increase in the volume of local sales by Cosumar SA following the drop in production by the sugar subsidiaries and by the growth in export activity.
The net result at the end of June 2022 amounts to 474 MDH, a decrease of -56 MDH compared to the end of June 2021, impacted by a lower financial result compared to the same period of the previous year.
For the rest of the 2022 financial year, and despite the difficult climatic conditions and a period of historic and exceptional drought, the Cosumar Group, with the support of institutional partners and local authorities, deployed all the necessary means to mitigate the impact on the campaign.
Thus, the balance sheet for the 2022 campaign shows a total production of 321 Kt against 388 Kt, i.e. a drop of -17% compared to the previous campaign.
During the second half of 2022, the Group will continue its efforts to support farmers for the preparations for the 2023 campaign in order to ensure the planting of cane and beet seedlings despite a difficult and exceptional national and international context.
Just as the group will continue to implement all means to ensure normal market supply despite difficult weather conditions and an international market marked by soaring prices for raw materials and inputs.