profits will drop by Dh1.1 billion in 2023

THE MORNING

March 28, 2024 at 9:04 PM

This development is explained by the combined decline in operating profit, financial income and share in the results of equity accounted companies (LAMIKAL) of -252 million DH, mainly due to the decline in the cobalt price. a financial press release.

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Operating profit therefore amounts to DH1 billion, a decrease of -DH968 million compared to 2022, thus reflecting the evolution of the gross operating surplus which amounts to DH2.39 billion. DH, a decrease of -954 million DH, due to the decline in base metal prices and the decline in gold sales volumes.

However, Managem claims that these negative impacts have been partially mitigated by improved operational performance at the Imiter mine.

The financial result, in turn, showed a decrease of -DH233 million due to the increase in debt and the translation difference related to the decline of the dollar at the end of the year. In addition, sales amounted to Dh7.50 billion, a decrease of 22% compared to the previous year. This development is explained by the strong negative impact of the decline in sales prices of metals, including cobalt (-40%), zinc (-24%) and copper (-8%), as well as the decline in volumes sold in gold as due to the suspension of operations in Sudan and external disruptions to operations at the Tri-K mine in Guinea.

Regarding dividends, the Board of Directors has decided to propose to the Ordinary General Meeting the distribution of a dividend of 30 dirhams per share for the financial year 2023. In 2024, Management assures its desire to continue the implementation of its strategy while maintaining efforts to continuously improve operational performance.

The company therefore plans to continue construction work on the Tizert, Boto and Cobalt Sulfates projects with a view to the start of commercial production in the second half of 2025, and to continue its efforts to improve the performance of the consolidate and improve activities while benefiting from the favorable evolution of precious metals prices.