Stocks Market
Mutandis Reports 6% Revenue Dip in Q1 2026 Amid Strategic Shift in US Promotions
Mutandis consolidated revenue fell to 423 Mdh in the first quarter of 2026, marking a 6% decline compared to the previous year. This performance was largely influenced by reduced promotional activities for its 'Season' brand in the United States, although the company saw a spectacular rebound in its beverage division following the full resumption of the Ain Ifrane plant.
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Quarterly Performance Overview
Mutandis closed the first quarter of 2026 with consolidated revenue of 423 Mdh, representing a 6% decrease from the same period in 2025. At a constant exchange rate, the decline was limited to 4%. The primary driver for this dip was the strategic absence of promotional campaigns for 'Season' canned goods in the U.S. market, specifically with major retailers like Costco.
Sector Analysis
- Hygiene (173 Mdh, -5%): While volumes remained stable, revenue saw a slight decline due to a product mix favoring liquid detergents over powder, which carry a lower price point per kilogram.
- Beverages (68 Mdh, +90%): This sector posted an exceptional recovery with volumes surging by 168%. The growth is attributed to the Ain Ifrane facility returning to full operational capacity after its closure during Q1 2025. However, fruit-based drinks faced headwinds from unfavorable weather and aggressive pricing by soda competitors.
- Seafood (188 Mdh, -21%): The 'Season' brand faced a 24% revenue drop due to the lack of Costco promotions. Conversely, exports to Africa and Europe showed resilience, growing by 5%. It is noted that Q1 is seasonally a low-production period due to biological rest and vessel maintenance.
Financial Position
As of March 31, 2026, Mutandis invested 37 Mdh in CAPEX. The net bank debt stood at 929 Mdh, compared to 828 Mdh at the end of December 2025, reflecting seasonal variations and investment cycles.