Net Income Group Share (NIGS) soared by 41% to MAD289m (vs. MAD 52m in H1-2016) thanks to great operational performance, as well as the rebound of metals prices.
The positive evolution of both base and precious metals’ prices over the second-half of 2016 counterbalanced the first semester’s weakness. Also, the jump in production volumes in H2-2016 contributed to 2016’s positive results. In point of fact, Silver’s, Zinc’s and Cobalt’s volumes rose by 32%, 8% and 4% respectively.
At the top-line level, consolidated revenue mildly increased by 1% to MAD 4,377m as a result of a better operational performance with Copper and Silver production volumes rising by 19% and 7% respectively; which counterbalanced the adverse impact from lover gold production at the Bakoudou site.
Thanks to lower cash-costs (down by around 10%), EBITDA jumped by 5% to MAD 1,488m which corresponds to an EBITDA margin around 34% (up by 1.2pts YoY).
In 2016, the company pursued their exploration programs in order to increase resource and reserves and ultimately extend mine life. Main discoveries concerned Silver (653 tons), Copper (4.5 million tons), Cobalt (3,624 tons) and polymetallic (1.9 million tons).
The company made also considerable progress regarding projects they were prospecting by signing a partnership agreement with Avocet for the development of the Tri-k gold project in Guinea, but also by outlining copper resources in the Tizert project in Morocco, and finally by resuming prospecting in the Democratic Republic of Congo.
For the Shareholders’ Meeting, the Board of Directors will propose the distribution of a dividend of MAD 21 per share (stable YoY).
The board of directors will propose at the extraordinary shareholders’ meeting to increase the share capital by a maximum amount of MAD 1b in cash. This capital increase is offered exclusively to the group’s employees.
Managem’s subsidiary Société Métallurgique d’Imiter also reported a jump in Net Income by 25% thanks to the rebound in silver prices (+11%) as well as higher production in H2-2016 (+32%). Particularly, silver production increased by 7% to 221 tons.
Source :Morocco World News
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:22 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 14:17 2018 Thursday ,25 October
BP eyes entering several new Rosneft projectsGMT 12:08 2018 Saturday ,20 October
OPEC participants performed Vienna Agreement by 111%GMT 16:14 2018 Saturday ,06 October
Saudi Aramco IPO to go ahead by early 2021GMT 19:01 2018 Thursday ,04 October
LEAD S. Korean firms offer aid for quake-hit IndonesiaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor