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Delta Holding Posts 2.7% Revenue Decline for 2025 While Q4 Shows 3.6% Growth
Delta Holding released its Q4 2025 financial indicators, reporting a consolidated turnover of MAD 1.012 billion for the quarter – a 3.6 % increase versus Q4 2024. Over the full year, consolidated revenue fell to MAD 3.054 billion, down 2.7 % from the previous year, driven by weaker performance at its subsidiaries SSM and DHS. SSM saw a 31 % revenue drop mainly because European salt‑export volumes collapsed by more than 74 % due to a mild winter, while exports to North America surged by about 67 %. DHS recorded a 37 % decline, reflecting a sharp slowdown in bitumen sales after the new Senegalese government temporarily suspended many road projects. Domestic market sales helped offset the international shortfall, investment spending reached MAD 125 million (including MAD 22 million in Q4), and net financial debt improved dramatically.
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Delta Holding 2025 Financial Highlights
Quarterly performance (Q4 2025): Consolidated revenue reached MAD 1.012 billion, up 3.6 % compared with Q4 2024.
Full‑year performance (2025): Consolidated revenue fell to MAD 3.054 billion, a 2.7 % decline from 2024.
Drivers behind the year‑on‑year dip
- SSM (Société de Sel de Mohammedia): Revenue dropped 31 % because European salt exports fell by more than 74 % due to a mild winter that reduced demand for de‑icing salt. Exports to North America surged by roughly 67 % and helped mitigate the loss.
- DHS (Delta Holding Sénégal): Revenue fell 37 % as bitumen sales slumped after the newly elected Senegalese government temporarily suspended many road‑construction projects, prompting contract renegotiations.
- Domestic market: Sales in Morocco compensated for the international shortfall from SSM and DHS, keeping the group’s overall activity stable.
Investment and debt profile
- Capital expenditure for 2025 amounted to MAD 125 million, with MAD 22 million incurred in the fourth quarter.
- Net financial debt improved significantly, decreasing by 90 % on a consolidated basis and by 153 % on a social‑account basis compared with the same period in 2024.
The results underline the sensitivity of Delta Holding’s commodity‑focused subsidiaries to seasonal weather patterns and political developments, while the group’s domestic operations and disciplined investment strategy provided resilience.