Managem S.A. (MNG) H1 2024 earnings summary

Executive summary

• Revenue increased by 5% year-over-year to 4,408 million MAD, driven by higher prices for gold, silver, copper, and zinc, and improved gold production in Sudan.

• Net consolidated income rose to 355 million MAD, reflecting operational and financial improvements.

• Group net income declined to 259 million MAD due to higher taxes and increased minority interests.

• Major investments continued in Morocco and Senegal, with construction advancing on the Tizert copper and Boto gold projects.

• Acquisition of Sound Energy Morocco East Limited marks entry into industrial natural gas.

Financial highlights

• Revenue: 4,408 million MAD (+5% year-over-year).

• EBITDA: 1,422 million MAD (+63 million MAD year-over-year).

• Operating income: 660 million MAD (+30 million MAD year-over-year).

• Net consolidated income: 355 million MAD (+31 million MAD year-over-year).

• Group net income: 259 million MAD (-46 million MAD year-over-year).

Outlook and guidance

• Tizert copper project in Morocco and Boto gold project in Senegal are on schedule, with Tizert expected to start production in H2 2025.

• Cobalt sulfate project with Renault entering construction phase.

• Focus on operational improvements and cost reduction in response to cobalt price decline.