Recent results published by la Société Nationale de Sidérurgie (SONASID) show satisfactory cost optimization, despite the difficult economic situation.
Meeting on March 16, Sonasid’s Board of Directors, under the chairmanship of Saïd Elhadi, approved the accounts for the 2022 financial year. The Group posted a turnover of 4.851 million Dirhams (MDH) in 2022, i.e. a growth of 10% compared to 2021.
Up 1% compared to the previous year, EBITDA stands at 303 million dirhams in 2022 and represents 6% of annual turnover. The proper execution of the strategic program, focused on strengthening competitiveness, optimizing fixed costs and developing new sources of growth, has thus made it possible to control the impact of the contraction of the construction market. The financial result stands at -21 MDH in 2022 against +11 MDH in 2021, impacted by the high volatility of the exchange rate during the financial year. The net social result thus amounts to 121 million dirhams in 2022, down -29 million dirhams compared to the previous year.
Net income group share stands at 86 MDH, down -22 MDH compared to 2021 due to the drop in volumes and a non-recurring impact linked to the revaluation of all the assets and liabilities of deferred taxes (according to IAS12) as part of the increase in corporation tax provided for by the 2023 finance law.
Sonasid maintains a solid balance sheet structure with excess cash (including securities and investment values) of 852 MDH. Investments made at the end of December 2022 amounted to 142 million dirhams, up 65% compared to 2021, and related to the strengthening of operational excellence and the launch of the production of steel fiber, a new high added value product. The Board of Directors will propose to the General Meeting of Shareholders the distribution of a dividend of MAD 30 per share, for the 2022 financial year.
