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SNEP Cuts H1 2026 Losses by Half as Revenue Climbs 5.4% on Operational Turnaround
Moroccan petrochemical firm SNEP reported a significant narrowing of losses in the first half of 2026, with the net deficit shrinking to MAD 53.6 million from MAD 108.6 million a year earlier. Revenue rose 5.4% to MAD 379.3 million, driven by higher volumes and improved industrial efficiency. Key operational metrics swung positive: value added reached MAD 52.9 million versus a negative MAD 13.1 million, while EBITDA turned positive at MAD 4.3 million. Management attributes the improvement to its strategic roadmap focusing on cost control and commercial development, though it cautions that market conditions remain uncertain with subdued PVC demand and geopolitical volatility.
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SNEP Delivers Strong Operational Recovery in H1 2026
Casablanca — SNEP (Société Nationale d'Électrolyse et de Pétrochimie) posted a markedly improved set of half-year results on Friday, signaling that its strategic transformation plan is gaining traction despite a challenging macroeconomic backdrop.
Revenue Growth Amid Headwinds
Turnover climbed 5.4% year-on-year to MAD 379.3 million in the first six months of 2026. The increase came on the back of higher sold volumes and enhanced industrial asset performance, a notable achievement given persistent weakness in global and domestic demand—particularly in the PVC segment—and heightened geopolitical volatility roiling commodity markets.
Profitability Metrics Swing Positive
- Value Added: MAD 52.9 million vs. -MAD 13.1 million in H1 2025 (+MAD 66 million)
- EBITDA: MAD 4.3 million (positive) vs. negative territory previously (+MAD 61.6 million improvement)
- Operating Result: -MAD 32.5 million vs. -MAD 93.8 million (+MAD 61.3 million)
- Net Result: -MAD 53.6 million vs. -MAD 108.6 million (loss narrowed by MAD 55 million)
- Consolidated Net Result: -MAD 50.0 million
The company emphasized that these figures reflect the first tangible effects of its roadmap targeting industrial competitiveness and commercial agility.
Outlook: Cautious Optimism
Management intends to consolidate H1 gains and extend the same discipline into the second half. While acknowledging an uncertain environment—marked by tepid demand and elevated market volatility—SNEP commits to progressive performance improvement with continued vigilance on cost structure and commercial expansion.
Analyst take: The trajectory is encouraging, but a return to net profitability remains the key milestone for investor confidence.