Stocks Market
SMI's Revenue Soars 49% in 2025, Driven by Record‑Breaking Q4 and Silver Price Surge
SMI reported a spectacular jump in revenue, up 49 % for the full year 2025, thanks to an extraordinary fourth‑quarter performance that captured the surge in silver prices. The company posted a Q4 turnover of 589 million MAD, a 154 % increase over the same period last year, and finished 2025 with total sales of 1.566 billion MAD. The firm also increased its investment outlay to 214 million MAD, with one‑third dedicated to exploration and research, while its cash reserves rose to 540 million MAD – a 73 % improvement over the end of 2024.
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SMI’s 2025 Financial Highlights
Revenue surge: The Moroccan silver producer posted a fourth‑quarter turnover of 589 million MAD, up 154 % YoY. The strong sales volume allowed the company to fully benefit from the elevated silver price.
By the end of 2025, total revenue reached 1.566 billion MAD, representing a 49 % increase over the previous year, driven by the consolidation of operational performance in a favourable market environment.
Investments and Exploration
Investments made by the end of 2025 amounted to 214 million MAD. Of this, 33 % was allocated to exploration and research activities, underscoring SMI’s commitment to expanding its resource base.
Liquidity Position
SMI’s cash balance as of 31 December 2025 stood at 540 million MAD, a notable 73 % improvement
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