At the end of 2017, Morocco's Managem Group achieved a net income share of MAD879 million (USD96 million), an improvement of 204 percent compared to last year.
Profits in 2017 included an exceptional element represented in the added value of selling a 61 percent stake from Lamikal, to exploit copper in Congo, to the Chinese group Wanbao. The deal was sealed with $100 million.
Managem, which is active in the mining industry, declared sales worth MAD5.2 billion (USD565 million) at an increase of 19 percent.
In this context, the company’s operational profits rose 99 percent, reaching MAD1.33 billion (USD145 million). It benefited from an increase of sales and the profits of the structural scheme to improve performance, which was adopted by the company in the past years. It also took advantage in the drop in prices of metals.
The group took several measures last year to strengthen its financial standing, in particular by raising capital worth MAD973 million (USD106 million).
It succeeded in decreasing its debt ratio by nearly 50 percent, compared to 2016, to reach MAD2.2 billion at the end of 2017.
In 2017, the company continued the implementation of its development strategy by investing MAD1.2 billion, MAD235 million of which was dedicated to exploring and mining metals. This helped extend the expected yield of Morocco’s Imiter silver mine.
The mine itself saw in 2017 the launch of an expansion project to increase its processing capacity by 30 percent.
As for 2018, Managem plans to expand its production unit in Sudan to double its yield of gold. It will also continue to develop the Tizert copper mine in the Atlas Mountains, which studies said holds a yield of over 600,000 tons.
Moroccan Managem is listed on Casablanca stock and is a subsidiary of the National Investment Company.
