Insights

Our interest in SNEP stock comes in an unprecedented international context marked by the sustainability of PVC prices at profitable levels rarely observed. During the last three quarters, the price of this product has remained above 1,700 $/T against less than 1,000 $/T historically.

At the end of the 1st half of 2021, Eqdom confirms the recovery of its activity by recording a 48.0% increase in its loan production compared to H1-20 to MAD 1,279 Mn.

At the end of the first two quarters of 2021, SNEP posted revenues up +19.3% and +38.6% respectively. Thus, the half-year turnover settled at MAD 517 Mn, i.e. an increase of +28.0%. This is an achievement rate higher than our initial forecasts, i.e. 55%.

After a drop in its revenue of -28% during Q1-21 following the decline in Lead production, CMT managed to recover its activity by +25% in Q2-21. Under these conditions, we note a slight increase in revenue, i.e. +0.6% during H1-21 to MAD 191 Mn.  

At the end of the first half of 2021, Auto Hall shows a solid recovery of its revenue of 129% to MAD 2,825 Mn. Compared to H1-19, the growth rate is still high at 33.4%.

At the end of the 1st half of 2021, Cosumar posted an increase in its consolidated revenue of +2.9% to MAD 4,382 Mn driven by the recovery in “out of home” consumption following the easing of restrictions on mobility.

In a context marked by a solid recovery in domestic cement consumption of +24.4% at the end of June 2021, CIMAR recorded an increase in its consolidated revenue of +17.0%, from MAD 1,696 Mn in H1-20 to MAD 1,985 Mn in H1-21. 

As anticipated in the first quarter (Cf. Research paper -Taqa Morocco Q1-21 results), the half-year revenue of TAQA Morocco fell by -13.7% in H1-21 to MAD 3,465 Mn.

After a -10.2% drop in Label Vie's revenue during Q1-21 following the effect of over-stocking which marked the Q1-20, the distributor showed a recovery of +9.6% of its revenue at the end of this 2nd quarter.