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Lesieur Cristal Posts H1 2026 Loss as Senegalese Subsidiary Drags Performance
Moroccan edible oils giant Lesieur Cristal swung to a net loss of MAD 47 million in the first half of 2026, reversing a MAD 12 million profit from the same period last year. Despite operational resilience with EBITDA climbing 7% to MAD 140 million, provisions related to its troubled Senegalese operation pushed the group into the red. The company faced headwinds from weakening demand and volatile commodity prices, though momentum improved in Q2 with revenue declines moderating significantly.
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Lesieur Cristal, Morocco's leading edible oils and food products manufacturer, reported a net group loss of MAD 47 million for the first half of 2026, marking a sharp reversal from the MAD 12 million profit recorded in the corresponding period of 2025. The downturn comes despite operational improvements, highlighting the significant impact of challenges at the company's Senegalese subsidiary.
Operational Performance Shows Resilience
While the bottom line deteriorated, operational metrics painted a more nuanced picture. The group's consolidated EBITDA rose 7% year-over-year to MAD 140 million, up from MAD 130 million in H1 2025, demonstrating underlying business strength. However, operating profit fell 28% to MAD 32 million, with management attributing this decline and the net loss primarily to provisions associated with its Senegalese operations.
Revenue Pressures Ease in Q2
Consolidated revenue reached MAD 2.595 billion for the half-year, down 8% compared to the previous year. The company cited cyclical demand weakness and sharp commodity price volatility as key headwinds. Activity patterns improved sequentially: after a 13% revenue decline in Q1, the drop moderated to just 2% in Q2. Notably, Lesieur Cristal SA's standalone revenue grew 4% in the second quarter, signaling recovering momentum in the core Moroccan business.
Domestic Market Leadership Maintained
In Morocco, Lesieur Cristal retained its dominant position in table oils and margarine despite volume pressures from cyclical demand softness. The company launched an action plan focused on olive oil to support second-half performance. Product innovation continued with new launches including ElKef dishwashing liquid and Taous moisturizing cream, expanding the group's presence in household care and personal hygiene categories.
International Operations: Mixed Results
The international portfolio delivered contrasting performances. Cristal Tunisie, the Tunisian subsidiary, continued its positive contribution trajectory. In contrast, the Senegalese unit faced significant headwinds from a trademark dispute involving a soap brand and supply chain disruptions, which weighed heavily on overall group profitability.
Strategic Priorities for H2 2026
Looking ahead, management outlined several priorities for the second half: revitalizing volumes and brand strength in Morocco, enhancing industrial efficiency, maintaining cost discipline while preserving strategic investments, and continuing Cristal Tunisie's development. Regarding Oleosen, the troubled Senegalese operation, the company stated it is pursuing remediation measures and evaluating strategic options.