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CMT Reports 15% YoY Revenue Surge to 523M MAD in Q3 2025
CMT announced a solid third‑quarter performance, with consolidated revenue climbing to 180 million MAD – a 4 % increase over Q3 2024 – and a year‑to‑date turnover of 523 million MAD, up 15 % YoY. The rise was driven by higher concentrate production, stronger lead‑concentrate sales and increased cash outflows linked to operations. The company also accelerated its strategic Tabaroucht drilling project and cut its overall debt by 43 % since December 2024, demonstrating disciplined financial management. Looking ahead, CMT remains focused on responsible growth while handling an appellate case stemming from a court‑imposed fine of over 2.3 billion MAD. Ongoing monitoring of receivables and participation valuations continues under the oversight of its governance bodies.
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Quarterly Performance
Consolidated revenue reached 180 million MAD in Q3 2025, up 4 % versus the same period last year. On a year‑to‑date basis, total sales climbed to 523 million MAD, representing a 15 % increase.
Growth was driven by a 20 % rise in concentrate production, a 5 % boost in lead‑concentrate sales and a 4 % increase in cash outflows linked to operational activities.
Strategic Investments
The Tabaroucht drilling project is progressing ahead of schedule. By the end of September 2025, cumulative investments amounted to 21 million MAD, including 5 million MAD earmarked for final works and equipment required to commission the new well.
Debt Management
In line with its de‑leveraging plan, CMT reduced total debt by 43 % since December 2024, ending September 2025 with 146 million MAD (76 million MAD long‑term, 70 million MAD short‑term). Net debt fell 40 % to 138 million MAD, reflecting strong internal financing of development projects. Available cash was primarily allocated to support ongoing strategic investments.
Outlook & Legal Matters
CMT continues its responsible‑growth strategy while monitoring the appeal lodged after the Casablanca Criminal Court’s first‑instance judgment, which imposed a fine of 2 324 307 274 MAD payable to the Customs and Indirect Tax Administration.
Potential risks related to receivables collection and the valuation of participations are under constant scrutiny by the company’s governance bodies.