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Ciments du Maroc H1 2026: Financing Costs Push Net Profit Down 8.2%
Ciments du Maroc posted consolidated net income of 559 million dirhams for H1 2026, down 8.2%, as financing costs linked to the Asment de Témara acquisition and the absence of a prior-year disposal gain weighed on profit. On a pro forma basis, profit fell 22.3%, although the recurring comparable net result declined a more moderate 6.7%. Reported operating revenue rose 21.4% to 2.66 billion dirhams because Asment was added to the consolidation perimeter, while comparable revenue fell 6% amid a 1.3% contraction in Morocco’s cement market and disruption from heavy rainfall.
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H1 2026 results: profit under pressure
Ciments du Maroc closed the first half of 2026 with consolidated net income of 559 million dirhams, down 8.2%. The group said the decline was driven mainly by financing costs tied to the acquisition of Asment de Témara and by the absence of a disposal gain recorded in the same period a year earlier.
- Reported net result: 559 MDH, down 8.2%.
- Profit on a pro forma basis: down 22.3%.
- Recurring net result on a comparable perimeter: down 6.7%.
Acquisition-led consolidation masks weaker underlying sales
Consolidated operating revenue reached 2.66 billion dirhams, up 21.4%, largely reflecting the inclusion of Asment de Témara following its acquisition on 30 June 2025. On a comparable basis, however, activity declined 6%.
Heavy rainfall disrupted construction activity and contributed to a 1.3% contraction in Morocco’s domestic cement market versus H1 2025. Although activity recovered in the following months, performance remained below that of the corresponding 2025 period.
Cost control and debt reduction provide support
EBITDA rose 18.6% on a published basis to 1.08 billion dirhams, but fell 4.6% on a pro forma basis. Operating profit increased 16.3% to 948 MDH as reported, while declining 6.3% on a comparable perimeter. Ciments du Maroc credited cost discipline to industrial excellence programmes, the commissioning of photovoltaic parks at Aït Baha and Safi, and tighter management of operating expenditure.
- Financial debt: 1.83 billion dirhams, down 30.4% from 2.63 billion at the end of June 2025, after a voluntary partial repayment of the acquisition financing loan.
- Capacity for self-financing: 762 MDH, down 0.8%.
Standalone results and the 2026 outlook
In the company’s standalone accounts, revenue increased 5.3% to 2.04 billion dirhams, while net profit fell 16.6% to 581 MDH.
For full-year 2026, Ciments du Maroc is maintaining its objective of improving operating results. The outlook relies on major infrastructure projects, government support for housing, and an interest-rate environment considered favourable to residential investment.