Adil Douiri’s Mutandis posts $77.4-million mid-year revenue as Morocco’s beverage consumption rebounds

The Morocco-based Mutandis SCA has posted MDH690 million ($77.37 million) in group revenue for the first half of 2021, as Q2 2021 sales rebound on the back of a double-digit growth in beverage sales.

Compared with last year, the group’s revenues improved by one percent, as disruptions in its operations in Q1 2021 pressured its mid-year revenue to MDH690 million ($77.37 million), despite double-digit growth in Q2 2021.

Mutandis was founded by Moroccan politician and venture capitalist Adil Douiri. In its Q1 2021 filing, it disclosed that its consolidated turnover for the period fell by 10 percent due to floods in Morocco and the base effect of overstocking from 2020.

The group stated that the base effect from overstocking and overconsumption spurred by COVID-19 accounted for its exceptional results in the first-half of 2020.

The surge in sales in H1 2020 made the comparison particularly difficult with H1 2021.

However, an 11.5-percent growth in the group’s revenue from MDH350 million ($39.2 million) in Q2 2020 to MDH390 million ($43.73 million) in Q2 2021 drove its mid-year revenue up by 1.1 percent to MDH690 million ($77.40 million).

A rebound in beverage consumption, which covered a 12.6-percent decline in the group’s revenue from detergent sales and an 11.2-percent decline in revenue from seafood product sales, delivered Mutandis 1.1-percent turnover growth.

Mutandis recorded 82.1-percent growth in revenue from food bottle sales to MDH155 million ($17.38 million) spurred by the gradual lifting of health restrictions throughout the first half of the year.

A 14.6-percent increase in fruit juice revenue to MDH39 million ($4.37 million) also helped the group deliver a resilient first-half topline performance, according to the figures contained in the report.

As of press time, 9:15 AM (UTC), Aug. 3, Mutandis shares on the Casablanca Stock Exchange were trading at MDH258.00 ($28.93), 18.4-percent lower than its opening price of MDH218.00 ($24.44) for the year.

At the current price, its market capitalization is MDH2.06 billion ($231.40 million).

Meanwhile, the market value of Douiri’s stake in the group is MDH141.90 million ($15.90 million).