Home » Moroccan politician Adil Douiri to earn $529,545 in dividends from stake in Mutandis SCA

Moroccan politician Adil Douiri to earn $529,545 in dividends from stake in Mutandis SCA

by Editorial Team

Moroccan politician and venture capitalist Adil Douiri will earn $529,545 (MD4.68 million) in dividends from his stake in the Morocco-based consumer goods company, Mutandis SCA (Mutandis).

Mutandis is an industrial and commercial group focused on consumer goods in Morocco and Africa.

The group operates in four business segments: the sale of detergents, seafood products, beverages and fruit juice. It also exports goods to Europe and the Middle East.

Mutandis suffered a 4.5-percent decline in revenue from $165.42 million (MD1.462 billion) in 2019 to $158.62 million (MD1.396 billion) in 2020.

The drop decline in revenue was triggered by decreased food bottle and fruit juice sales during the COVID-19 lockdowns, which also saw hotels, cafes and restaurants close.

Despite the decline in revenues, the company experienced improved margins due to reduced prices on key inputs and fixed costs, particularly wages. This put its earnings before interest depreciation and amortization (EBITDA) at $25.49 million (MD225 million), which is 1 percent lower than last year’s EBITDA of $25.83 million (MD228 million).

The resilient performance led the board to declare a dividend of $0.96 (MD8.5) per share payable to shareholders on July 2 in line with resolutions made at the general meeting of shareholders on April 1.

The board, however, plans to gradually increase its dividend per share in successive stages.

Douiri, the founder of Mutandis, is one of the company’s largest shareholders. He owns an equity stake of 550,000 ordinary shares in the industrial and commercial group. This amounts to 6.88 percent of the company’s issued ordinary shares.

Douiri’s stake in Mutandis, which is worth $16.7 million (MD147.4 million), qualifies him to earn a dividend of $529,545 (MD4.68 million).

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