Stocks Market
CMGP Group Q1 2026 Revenue Surges 31% Powered by Retail Growth and Recent Acquisitions
CMGP Group kicked off 2026 with a robust 31.2% year‑on‑year increase in consolidated revenue, reaching MAD 710 million in Q1. The boost stems from the integration of recent acquisitions – CPCM, Agrosem and Sodipire – and a solid performance of the retail business, especially in agro‑inputs and equipment. The group’s industrial units in Jorf and Drarga are ramping up, while investments rose sharply to MAD 56 million, underpinning a resilient, diversified model. The outlook remains upbeat: a strong order book, continued expansion of the One‑Stop‑Shop portfolio and ongoing search for strategic acquisitions should keep the momentum alive throughout the year.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Consolidated Revenue Highlights
CMGP Group reported MAD 710 million in consolidated revenue for Q1 2026, a +31.2 % increase over the same period in 2025. On a pro‑forma basis, revenue is up +3.6 %, confirming the resilience of the group's integrated model.
Acquisition‑Driven Growth
The contribution of the newly acquired entities – CPCM, Agrosem and Sodipire – amounted to MAD 175 million in Q1 2026, up from MAD 145 million on a pro‑forma basis in Q1 2025 (+20.9 %). These deals cement CMGP’s “One‑Stop‑Shop” strategy, broaden its solution portfolio and improve resilience across the agricultural value chain.
Agriculture Segment – Retail, Projects, Industrial & International
Retail: The Retail BU saw strong momentum thanks to agro‑inputs across all segments. Fertiliser sales benefited from the ramp‑up of the new Jorf and Drarga plants, while phytosanitary products posted solid volume‑driven growth. Sodipire’s integration added tractors and farm equipment, enriching the group’s value proposition for farmers.
Projects: Activity slipped slightly due to early‑year weather disturbances, which delayed some sites. The impact is expected to be short‑term, with later benefits from improved water reserves and a gradual revival of irrigation investments. The order book remains robust, highlighted by public contracts in Saïss (MAD 345 M) and Khémisset (MAD 94 M).
Agricultural Industry: Production capacity is expanding as Jorf and Drarga plants continue ramp‑up, complemented by a new line for agricultural ropes and twine. This bolsters internal supply for the Retail BU and supports recurring demand for fertilizers and other inputs.
International: Activity fell modestly, mainly due to a slower execution pace in markets such as Senegal. CMGP continues scouting for large‑scale external growth opportunities to deepen its regional footprint in agriculture, water and energy.
Non‑Agriculture Activities
The Infrastructure arm experienced a brief dip because of weather‑related project delays, but demand for water‑related infrastructure remains structurally strong. The chemical industry, bolstered by CPCM’s integration, diversifies the group’s revenue streams with products ranging from fertilizers to industrial sulfates.
Investments & Balance Sheet
Investments climbed to MAD 56 million in Q1 2026, up from MAD 20 million** a year earlier, driven by the Sodipire acquisition and a new logistics hub to increase storage capacity. Net debt stood at MAD 935 million at 31 March 2026, a modest -1.5 % change from December 2025 (pro‑forma: -4.1 %).
Outlook
CMGP Group enters the coming quarters with confidence, underpinned by an enlarged footprint, a solid order book and the continued ramp‑up of its industrial units. The group will also keep pursuing strategic acquisitions to reinforce its regional position in agriculture, water and energy.