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Aluminium du Maroc Reports 31% Surge in Net Profit Despite Revenue Decline in H1 2026
Aluminium du Maroc demonstrated strong profitability in the first half of 2026, posting a consolidated net profit of MAD 41 million, up 31% year-over-year, despite facing a 7% revenue decline to MAD 603.7 million. The Moroccan aluminum manufacturer navigated challenging European export markets and elevated aluminum prices while maintaining operational efficiency. Operating profit climbed 23% to MAD 77.3 million, driven by cost optimization strategies and sustained commercial positioning. The company continued its strategic pivot away from steel operations, announcing plans to cease steel activities and redirect investments toward aluminum production capacity.
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Aluminium du Maroc closed the first six months of 2026 with contrasting financial results, combining revenue pressure with improved profitability metrics. The company reported consolidated revenue of MAD 603.7 million, down from MAD 650.1 million in the same period last year, representing a 7% decline.
Navigating Challenging Market Conditions
The aluminum manufacturer faced a complex operating environment during the period. Key headwinds included persistent slowdown in European export markets, rising aluminum commodity prices, and continued uncertainty in the international geopolitical landscape. Despite these challenges, management emphasized the company's successful execution of operational optimization initiatives, cost control measures, and commercial strategy consolidation.
Profitability Gains Amid Revenue Decline
While topline growth proved elusive, the company delivered significant improvements in profitability. Consolidated operating profit reached MAD 77.3 million, marking a 23% increase compared to the first half of 2025. This improvement was particularly driven by the parent company Aluminium du Maroc SA, whose operating result grew by 25%.
The bottom line showed even stronger performance, with consolidated net profit climbing to MAD 41 million from MAD 31.3 million year-over-year—a robust 31% increase. Management attributed this growth primarily to Aluminium du Maroc's enhanced performance, which contributed an additional MAD 10.8 million to consolidated results, supplemented by a MAD 0.8 million contribution from Afric Industries.
Stand-Alone Performance Highlights
At the parent company level, Aluminium du Maroc SA recorded revenue of MAD 585.3 million, reflecting an 8% decline. However, operating profit surged 25% to MAD 66.7 million, supported by favorable conditions in the Moroccan domestic market and strong management of key industrial performance indicators.
Financial results also improved, with the financial result line strengthening from negative MAD 9.1 million to negative MAD 7.7 million. Social net profit reached MAD 42.2 million, up 34% from the prior year period.
Strategic Refocusing on Aluminum Operations
The first half witnessed significant strategic developments as the company accelerated its exit from steel operations. Following a Board of Directors decision on May 12, 2026, management initiated the steel activity shutdown plan. Implementation involved gradual inventory reduction and deployment of employee support programs for affected staff.
Simultaneously, the company launched feasibility studies for industrial and logistics investments designed to strengthen aluminum production capacity and support the strategic refocusing on its core aluminum business.
Outlook and Strategic Priorities
Looking ahead to the remainder of fiscal 2026, management outlined several key priorities. The company plans to intensify commercial development efforts, continue operational optimization and cost management initiatives, and further enhance industrial performance. Additional focus areas include diversifying the product offering and expanding the commercial distribution network to capture new market opportunities.