Latest financial news
Managem
In 2025, Managem posted strong growth. Revenue jumped from MAD 8,859 million to MAD 13,694 million, a 54.6% increase. EBITDA followed the same trend, rising from MAD 2,652 million to MAD 5,982 million (+125.6%), pushing the EBITDA margin up from 29.9% to 43.7% (+13.8 points).
NIGS showed similar momentum, reaching MAD 3,002 million versus MAD 620 million in 2024, an improvement of MAD 2,382 million. As a result, the net margin rose from 7.0% to 21.9% (+14.9 points). The dividend per share also increased, from MAD 40 to MAD 55 (+37.5%).
Ciments du Maroc
Ciments du Maroc ended 2025 with revenue up 22.6% at MAD 5,349 million. EBITDA grew 26.5% to MAD 2,250 million, slightly improving the EBITDA margin to 42.1% (+1.3 point). Consolidated net income also strengthened significantly, rising from MAD 935 million to MAD 1,402 million (+49.9%), pushing the net margin from 21.4% to 26.2% (+4.8 points). The dividend per share rose from MAD 60 to MAD 65 (+8.3%).
HPS
HPS recorded higher business activity, with global revenue reaching MAD 1,551 million in 2025. EBITDA improved by 30% to MAD 286 million, nudging the EBITDA margin up to 18.4% (+1 point). NIGS rose 40.5% to MAD 106 million, lifting the net margin to 6.8% (+0.8 point). The dividend per share increased from MAD 7 to MAD 8 (+14.3%).
SBM
SBM posted a 7.6% revenue increase, reaching MAD 3,080 million. EBIT rose 26.6% to MAD 524 million, bringing the EBIT margin to 17.0% (+2.5 points). NIGS jumped from MAD 215 million to MAD 343 million (+59.5%), with the net margin improving to 11.1% (+3.6 points). The ordinary dividend per share edged up from MAD 100 to MAD 107 (+7%), and an extraordinary dividend of MAD 20 was also distributed.
TotalEnergies Marketing Maroc
TotalEnergies Marketing Maroc saw its revenue decline by 9.7% to MAD 15,127 million. Consolidated net income followed the same trend, falling to MAD 851 million (‑8.9%). Despite this, the net margin remained stable at 5.6%.
Lesieur Cristal
Lesieur Cristal ended the year with a slight drop in revenue (‑1.4%), at MAD 5,378 million. EBITDA contracted sharply (‑39.2%) to MAD 287 million, pulling the EBITDA margin down to 5.3% (‑3.4 points). NIGS fell to MAD 8 million (‑66.7%), leaving the net margin at just 0.1%.
Risma
Risma delivered strong performance in 2025. Revenue rose 29.3% to MAD 1,634 million. EBIT increased 36.9%, bringing the EBIT margin to 38.6%. NIGS reached MAD 270 million, up 47.5% year‑on‑year. This improvement allowed the dividend to rise from MAD 7 to MAD 9.
Zellidja
In 2025, Zellidja’s revenue grew 8.5% to MAD 757 million, while EBIT increased 27.4%, strengthening operational profitability with an EBIT margin of 3.8%. NIGS also improved, reaching MAD 22 million — MAD 15 million more than the previous year — pushing the net margin to 2.9%.
INVOLYS
Involys’ revenue was almost unchanged at MAD 37.4 million, but EBIT fell sharply to MAD 0.3 million (‑82.4%), bringing the EBIT margin down to 0.8%. Despite this, the company slightly improved its bottom line: after posting a loss in 2024, net income turned positive at MAD 0.1 million, a year‑on‑year improvement of MAD 0.2 million.
Rebab Company
Rebab Company’s current income remained stable at MAD 0.3 million. However, net income increased to MAD 1.1 million, up 78% from 2024.
