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Disway Posts 9% Revenue Rise in 2025 Amid Freight Delays and Memory Price Surge
Disway closed 2025 with a consolidated turnover of DH2.07 bn, up 9% year‑on‑year, and a net profit of DH85 m (+8.4%). The growth was driven by both new contracts and advance purchases ahead of expected price hikes. However, the company warned that Middle‑East tensions are lengthening freight routes and that soaring memory‑chip prices are inflating PC and laptop costs. The group plans to expand its footprint in West Africa, open new offices in Côte d’Ivoire and Mauritania, and boost its logistics capacity near Casablanca, while proposing a DH44 per‑share dividend for 2025.
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Financial Highlights for 2025
- Revenue: DH2.076 bn, up 9 % YoY.
- Operating profit: DH108 m (+4.7 %).
- Net profit attributable to shareholders: DH85 m (+8.4 %).
- Dividend proposal: DH44 per share.
CEO Najib Hakim Belmaachi attributed the solid growth to a mix of newly won projects and strategic advance purchases made by partners in Morocco and abroad, anticipating price increases on key components.
Operational Performance
Gross margin improved by 3 % to DH220 m, driven by better cost control in Morocco and other territories. SolarWay and MLEA contributed significantly to growth in West Africa, while the Moroccan segment showed a slight decline due to a scope change.
Purchases for resale rose 8.8 %, marginally slower than revenue, helping margin expansion. Personnel costs increased ~7 % owing to hiring, salary hikes, and revisions. External expenses grew ~1 % (rent, marketing, events, insurance). Depreciation on the site delivered in Dec‑2024 added to operating provisions.
Financial Position
Total assets reached DH1.316 bn (+2.8 %). Equity funds covered 77 % of total financing, while debt stayed stable at DH209 m. The operating working‑capital cycle shortened by five days to 77 days of sales, mainly thanks to lower inventories.
Key Risks: Logistics & Memory Prices
The board highlighted two emerging risks for the IT sector:
- Freight delays: Ships now avoid the Suez Canal, rounding the Cape of Good Hope, which adds 2‑3 weeks to delivery times for Asian‑origin products and raises freight costs amid higher oil prices.
- Memory‑chip price surge: A shortage of DRAM and NAND chips has pushed PC and laptop prices up 20‑40 %, putting pressure on margins.
Despite these challenges, the company secured a new logistics campus in Tunisia and is scouting land near Casablanca to expand capacity. The Sapino platform currently operates at 90‑95 % occupancy.
Outlook for 2026
Disway aims to broaden its product range, deepen its geographic footprint, and accelerate international growth. Planned initiatives include new representation offices in Côte d’Ivoire and Mauritania and continued M&A scouting for high‑value‑add businesses.
The upcoming shareholders’ meeting will vote on the proposed DH44 dividend per share.