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SMI Posts 36% Revenue Surge in First Half of 2026
SMI announced a first‑half 2026 revenue of MAD 852 million, a 36 % jump from the same period last year. The surge was mainly driven by a 120 % rise in the average price of silver, which more than offset a 38 % decline in sold volumes caused by scheduled maintenance and delayed quarry commissioning. Meanwhile, capital spending more than doubled, underlining the company’s push to expand its mining development and reinforce reserve replenishment.
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SMI Posts 36% Revenue Surge in First Half of 2026
SMI posted a first‑half 2026 revenue of MAD 852 million, driven primarily by a sharp rise in the average silver price.
Revenue for the first six months increased 36 % year‑on‑year, reaching MAD 852 million. In the second quarter alone, sales climbed to MAD 441 million versus MAD 326 million a year earlier.
The price effect was decisive: the average silver price jumped 120 %, offsetting a 38 % decline in volumes caused by scheduled maintenance and the delayed start‑up of a new quarry project.
Capital expenditures rose to MAD 190 million in the first half, up 111 % from the same period last year, reflecting accelerated mining development work and preparation of future production centres.
Through these investments, SMI reaffirms its strategy to replenish reserves and sustain long‑term production capacity.
Net cash stood at MAD 243 million as of 30 June 2026, down MAD 297 million from the end‑2025 balance, mainly due to dividend payouts and higher working‑capital needs.