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Akwa Group’s Listed Units Report Mixed Q1 2026 Performance Amid Energy Price Volatility
Akwa Group’s two listed subsidiaries, Afriquia Gaz and Maghreb Oxygène, released their Q1 2026 figures. Afriquia Gaz saw a 9.8% drop in consolidated revenue to MAD 2.175 bn, while its net debt rose sharply. In contrast, Maghreb Oxygène posted a 13.4% revenue increase to MAD 78.4 mn, backed by higher sales of gas‑handling equipment and a jump in capital spending. The divergent results reflect the ongoing volatility in energy prices.
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Afriquia Gaz – Revenue Decline and Higher Debt
Revenue: Consolidated turnover fell to MAD 2.175 bn in Q1 2026, down from MAD 2.410 bn a year earlier – a 9.8% drop mainly caused by the fall in the take‑back price.
Volumes: The amount of gas sold slipped slightly to 305,202 t versus 316,340 t in Q1 2025.
Investments: Capital spending amounted to MAD 89.4 mn, primarily allocated to the injection of new bottles to meet market demand.
Net Financial Debt: The consolidated net financial debt rose to MAD 1.97 bn at the end of March 2026, up from MAD 1.29 bn a year ago.
Maghreb Oxygène – Strong Revenue Growth and Investment Upswing
Revenue: Consolidated turnover increased to MAD 78.4 mn in Q1 2026, compared with MAD 69.1 mn in the same period last year.
Social Revenue: Reported social revenue also rose to MAD 78.3 mn from MAD 70.0 mn in Q1 2025.
The growth was driven by higher sales of equipment for gas transport and storage.
Investments: Capital expenditures jumped to MAD 16.4 mn, a significant increase from just MAD 1.5 mn a year earlier, reflecting the continuation of the company’s direct‑activity investment programme.
Net Financial Debt: Consolidated net financial debt stood at MAD 177.3 mn** at the end of March 2026, versus MAD 101.2 mn in Q1 2025.
Both companies confirmed that their consolidation scope remained unchanged during the quarter.