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Mutandis Posts 7% Revenue Growth in H1 2026, Boosted by Hygiene, Beverages and Seafood Segments
Mutandis reported a consolidated turnover of MAD 962 million for the first half of 2026, marking a 7 % increase over the same period last year (8 % at constant exchange rates). The rise was broad‑based, with all three core divisions—Hygiene, Beverages and Sea‑food—showing double‑digit growth, especially a 20 % jump in Q2 revenue. New product launches, a shift toward liquid detergents and larger formats, and a rebound in the Aïn Ifrane beverage plant were the key drivers behind the upbeat numbers.
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Financial Highlights
- Consolidated revenue: MAD 962 million for H1 2026, up 7 % YoY (8 % at constant FX).
- Q2 alone: MAD 538 million, a 20 % increase versus Q2 2025.
Performance by Segment
Hygiene generated MAD 384 million in the first half, a modest 3 % YoY rise. Volume grew 6 % thanks to a new product generation launched in Q1. A shift in product mix toward liquid detergents and larger pack sizes lifted Q2 revenue by 11 %.
The new liquid‑detergent plant enables Mutandis to capture the market transition from powder to liquid and from small to big formats.
Beverages posted MAD 142 million, up 32 % YoY, with volumes soaring 49 %. The rebound of the Aïn Ifrane plant, which was offline in Q1 2025, drove most of the increase. Fruit‑based drinks dipped slightly due to adverse weather and promotional pressure from sodas, which also saw price cuts.
Sea‑food (international) reached MAD 474 million, an 8 % YoY gain, supported by higher production linked to better raw‑material availability. Export shipments to Africa and Europe grew 27 % by end‑June, while volumes rose 16 %.
Season’s revenue stayed flat for the half‑year but rose 4 % at constant exchange rates. Early shipments of hydrolysates have started as scheduled. Reduced promotional spend for Season in the United States trimmed volumes but improved profitability.
Investments
As of 30 June 2026, Mutandis invested MAD 69 million in capital projects, underpinning the new liquid‑detergent line and export‑capacity upgrades.
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