Stocks Market
CMT Posts 149% Surge in Net Profit in H1 2026 Driven by Silver and Zinc Rally
The Moroccan mining company Compagnie Minière de Touissit (CMT) reported a striking 149% increase in consolidated net profit to 187 million dirhams for the first half of 2026, up from 75 million dirhams a year earlier. Revenue rose 74% to 596 million dirhams, supported by a 22% jump in zinc prices, a 141% surge in silver prices, and a 17% increase in sold concentrate volumes. Operating profit climbed 79% to 356 million dirhams, lifting the operating margin to 60%.
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The Moroccan mining firm Compagnie Minière de Touissit (CMT) released its half‑year 2026 results, showcasing a remarkable turnaround in profitability.
Financial Highlights
Consolidated net profit surged to 187 million dirhams (MDH), up from 75 MDH in H1 2025 – a 149% year‑on‑year increase. Consolidated revenue reached 596 MDH, marking a 74% rise compared with the same period last year.
Drivers of Growth
According to CMT, the performance was chiefly supported by:
- Zinc prices up 22%
- Silver prices up 141%
- Volumes of concentrates sold up 17%
Production volumes remained broadly stable over the semester.
Operational Performance
Consolidated operating profit amounted to 356 MDH, an increase of 79% year‑on‑year. Consequently, the operating margin improved to 60%, up two points from 58% in H1 2025.
Strategic Initiatives
During the period CMT continued to:
- Complete the main works of the new Ighrem Aousser shaft
- Maintain and optimise its production facilities
- Advance exploration programmes
- Diversify its mineral portfolio into copper, gold, antimony and graphite
- Pursue certification of its reserves under the international NI 43‑101 standard
The half‑year also witnessed the acquisition of OSEAD Fund by Ayrad Group Limited and the proposed joint‑control arrangement of CMT by Ayrad and CIMR. Additionally, CMT announced the final settlement of disputes related to OMM, Shaba Metals LLC and the Office des Changes, which it says strengthens its financial and legal position.
Market Impact
The robust earnings beat, driven by stronger commodity prices and higher sales volumes, signals improved earnings momentum for CMT. Investors may view the results as a positive catalyst, supporting a bullish outlook for the stock and the broader Moroccan mining sector in the short to medium term.