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SMI Reports Net Profit More Than Doubled in H1 2026 as Revenue Rises 36%
SMI delivered a strong performance in the first half of 2026, with net profit climbing to MAD 243 million—more than double the MAD 108 million recorded a year earlier. Revenue reached MAD 852 million, up 36% year‑on‑year, driven by a 120% surge in silver selling prices despite a 35% dip in production due to scheduled maintenance and delayed mine expansion. Operating profit rose to MAD 392 million and EBITDA margin improved to 62%, reflecting the company’s ability to leverage higher prices and control costs.
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Markets
Friday, September 25, 2026
SMI: Net profit more than doubled in the first half of 2026
SMI recorded revenue of 852 million dirhams in H1 2026, up 36% from the same period in 2025, despite a 35% decline in production. The increase in the selling price of silver (+120%) supported the results, with a net profit of 243 million dirhams, compared to 108 million dirhams a year earlier.
First half 2026 results
At the end of H1 2026, SMI achieved revenue of 852 million dirhams, up 36% compared to the same period in 2025. This growth was mainly driven by the increase in the selling price of silver (+120%), despite a 35% decline in production, linked to scheduled maintenance work in the first quarter and the postponement of the start of operations of the new phase of the quarry project.
EBITDA amounted to 526 million dirhams, up 224 million dirhams compared to H1 2025, driven by the increase in revenue. The EBITDA margin thus reached 62%, an improvement of 14 percentage points.
Operating result reached 392 million dirhams, up 205 million dirhams compared to H1 2025, mainly as a result of the increase in revenue.
Net profit reached 243 million dirhams, up 136 million dirhams compared to H1 2025 thanks to the increase in operating result, despite the increase in tax charges.
Development and prospects
In a favorable market context, SMI will maintain its operational optimization and cost control efforts, while taking advantage of opportunities linked to the evolution of prices.
In parallel, SMI continues its development dynamic with the launch of new growth poles, notably at Imiter Centre and Igoudrane. The investments made should gradually strengthen Imiter's production capacities.
Finally, in a context of high silver prices, SMI will intensify its research and exploration efforts to strengthen its resources and support the future development of Imiter.