Morocco: Sonasid's net income down 84% YoY to MAD8 million at the end of 2019
Tuesday, 24 March 2020 15:51
Morocco’s national steel manufacturing company (Sonasid) ended 2019 with a net income of MAD8 million, down 84% compared with the MAD49.7 million in 2018.
The leader in steel production on the Moroccan market attributed this bad performance to a deterioration of market conditions both internationally and locally. “The pressure of the international context has been accentuated by the more marked drop in the price of finished products compared to that of raw materials and by the rise in the price of industrial consumables,” Sonasid said in a recent financial communication.
On the local market, the company listed on the Casablanca Stock Exchange faced “a strong increase in imports, especially from Turkey.” Subsequently, Sonasid's turnover fell by 5% to reach MAD3.5 billion at the end of 2019 against MAD 3.8 billion in 2018.
Sonasid is controlled up to 64.86% by Nouvelles Sidérurgies industrielles (NSI), jointly owned by the Luxembourg steel group ArcelorMittal and the Moroccan investment fund Al Mada.
Chamberline Moko
Live News
-
Guinea Targets Education Gaps with Nationwide School Mapping Initiative
10:16
-
Global Deforestation Slows in 2025 but Remains Above Climate Targets
10:15
-
Bridge Bank Targets Guinea Expansion with 2027 Subsidiary Launch
10:14
-
World Bank Allocates $250 Million to Tackle Kinshasa Waste Crisis
10:12
-
China commits 1.6 bln CFA in food shipments to Cameroon
21:20
-
New AFD Funding Supports Progress on Yaoundé Urban Mobility Project
20:45
-
Cameroon Tests CFA5 Billion SME Financing Program Focused on Youth and Women
20:42
-
CEMAC Prepares Regulated Crowdfunding Market to Expand SME Financing
20:40
-
The International Insurance Institute opens entrance exam for fourth insurance master’s cohort
18:31
-
Togo: IFAD Steps Up Support for PRIMA, New Investments Expected in 2026
18:10
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...
Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...
Guinea has launched a national school mapping initiative to guide education reforms and investment. About 60% of youth aged 15–24 remain unemployed or...
The world lost 4.3 million hectares of primary tropical forest in 2025, down 36% from 2024. Brazil drove the improvement, cutting forest loss to 1.63...
The World Bank will provide $250 million to improve waste management and create jobs in Kinshasa. Kinshasa produces about 12,000 tonnes of waste...
Egypt’s solar photovoltaic capacity could rise from 2.9 GW in 2025 to 34.3 GW by 2035, according to GlobalData. Total renewable energy capacity could...
UK museum to return 45 Botswana artifacts after 150 years Items collected in 1890s; restitution follows Botswana request Return tied to...
The history of Kerma stretches back several millennia. Located in what is now northern Sudan, the site was inhabited as early as prehistoric times....