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Unimer Swings to Profit in H1 2026 on Sardine Recovery, Posts MAD 29M Net Income
Moroccan seafood giant Unimer Group has staged a remarkable turnaround in the first half of 2026, posting a consolidated net profit of MAD 29 million compared to a MAD 40 million loss a year earlier. The rebound was fueled by a 37% surge in sardine landings across Kingdom ports, reviving the group's canning division. Consolidated revenue climbed 13% to MAD 444 million, while EBITDA jumped 52% to MAD 24 million. Management expects the positive momentum to continue, supported by brand strength in export markets and ongoing cost optimization, alongside a planned restructuring of group holdings.
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Casablanca — Unimer Group, a cornerstone of Morocco's seafood industry, has delivered a striking financial reversal in the first half of 2026, transforming a deep loss into solid profitability on the back of a sardine supply recovery.
Consolidated Results: A Sharp Turnaround
The board, chaired by Mehdi Alj, approved the half-year accounts ending June 30, 2026, revealing a consolidated net profit of MAD 29 million versus a MAD 40 million loss in H1 2025. This swing reflects both operational improvement and better contributions from equity-accounted affiliates.
- Revenue: MAD 444 million (+13% YoY), driven by the canned sardine comeback and steady growth in semi-preserved anchovies and export subsidiaries.
- EBITDA: MAD 24 million (+52% YoY), underscoring stronger operating leverage and disciplined cost control.
Standalone Performance: Back in the Black
At the parent-company level, Unimer SA posted revenue of MAD 241 million (+15% YoY), lifted by higher canned sardine volumes and resilient demand in historical markets. The anchovy semi-preserves segment held ground despite fierce international competition.
- EBITDA: MAD 11 million (vs. MAD 4 million in H1 2025), helped by a favorable product mix and improved operational margins.
- Net Income: MAD 2 million (vs. a MAD 11.6 million loss), aided by lower financial charges amid debt reduction.
Catalyst: Sardine Landings Surge 37%
The linchpin of the recovery was a 37% jump in sardine landings at Moroccan ports, which refilled raw-material pipelines for the group's canning factories after a lean prior period.
Outlook & Strategic Moves
Management signals confidence that H1 momentum will extend through year-end, underpinned by:
- Volume growth and product premiumization leveraging brand equity in key export markets.
- Continued operational optimization and cost discipline to entrench profitability.
- A board-authorized restructuring plan involving selective subsidiary disposals and intercompany account settlements, with the chairman mandated to finalize terms.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.