Stocks Market
SBM H1 2026: Operating Profit Surges 16% Despite Net Income Dip on Tough Comparables
Société des Boissons du Maroc (SBM) delivered a mixed but fundamentally strong first half of 2026. Consolidated revenue climbed 4.3% to 1.23 billion MAD, powered by a sharp Q2 rebound fueled by summer seasonality and 2026 World Cup promotions. Operating profit jumped 16.2% to 159.4 million MAD, reflecting volume growth in flagship beers, portfolio diversification, and industrial cost discipline. However, reported net income fell 8.6% to 79.9 million MAD due to a high comparison base from non-recurring gains in H1 2025; stripping out those items, recurring net profit actually rose by 10.2 million MAD. The group also finalized a 33.33% stake in Africa Retail Market, expanding its distribution footprint. Management remains upbeat on H2, targeting tourism-driven consumption and further innovation.
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Revenue Growth Driven by Q2 Momentum
Société des Boissons du Maroc (SBM) posted consolidated revenue of 1,232.5 million MAD for the first half of 2026, a 4.3% year-on-year increase. The first quarter was weighed down by a calendar effect linked to the timing of Chaâbane and Ramadan, but the second quarter saw a pronounced acceleration. This uptick was underpinned by the onset of the summer season and commercial activations tied to the 2026 FIFA World Cup.
Operational Highlights
- Beer volume growth led by Flag Spéciale Gold and Casablanca brands.
- Portfolio diversification advanced with La Cigogne, alcomix range, and Booster energy drinks.
- Distribution network expansion continued across the kingdom.
- Strategic investment: SBM finalized its acquisition of a 33.33% stake in Africa Retail Market, the exclusive Moroccan distributor for Hyper U, Super U, and U Express banners. The stake is accounted for under the equity method.
Profitability: Strong Operating Leverage, Net Income Distorted by Base Effect
Operating profit surged 16.2% to 159.4 million MAD (vs. 137.2 million MAD in H1 2025), reflecting top-line momentum, industrial optimization, productivity gains, and tight cost control.
Reported net income attributable to the group declined 8.6% to 79.9 million MAD. The drop is primarily attributable to a high comparison base: H1 2025 benefited from non-recurring items related to the cleanup of third-party accounts. Excluding non-recurring elements, recurring net income actually increased by 10.2 million MAD, underscoring the underlying earnings improvement.
Outlook: H2 2026 Focus on Tourism, Innovation & Integration
Looking ahead, SBM plans to:
- Leverage summer seasonality and tourism-driven out-of-home consumption.
- Advance managed distribution network development and integrate the Africa Retail Market stake.
- Focus innovation on new products, formats, and offers aligned with evolving consumer preferences.
- Maintain rigorous cost discipline across logistics, industrial operations, and product mix optimization amid geopolitical and trade uncertainties.
With operating fundamentals firming and recurring profitability rising, SBM appears well-positioned to navigate the second half despite a noisy headline net figure.