Jose Antonio Primo-led LafargeHolcim Maroc posts resilient results as revenues soar

Morocco-based construction materials manufacturer LafargeHolcim Maroc has rebounded to pre-pandemic levels as its net profit surged 141 percent to MAD1.04 billion ($116.2 million) on the back of strong growth in cement and ready-mixed concrete sales.

The growth in the group’s revenue in the first half of 2021 led to a triple-digit surge in net profit to levels not seen since the first half of 2016, when the group recorded a net profit of MAD1.24 billion ($138.5 million) and a revenue of MAD4.38 billion ($489.2 million).

The revenue of MAD4 billion ($446.8 million) that the Jose Antonio Primo-led cement producer recorded in the half-year period was 25.59-percent higher than last year’s figure of MAD3.19 billion ($356.3 million).

This favorable development in revenue is explained by q growth in cement sales, which was driven by increased demand for real estate investments, coupled with the economy’s gradual recovery.

LafargeHolcim Maroc is a leading construction materials manufacturer in Morocco and the first industrial market player listed on the Casablanca Stock Exchange.

The group is majority-owned through a joint venture arrangement between the Holcim Group, a world leader in construction materials, and Al Mada, a pan-African private equity investment fund based in Casablanca and serving the needs of King of Morocco Mohammed VI.

Primo, who took over as the group CEO on Sept. 1 from George Michos, revealed that the group anticipates that the cement market trends observed in the first half of 2021 will continue throughout the year.

The leading construction materials producer looks set to complete a new cement plant in the Souss-Massa region, with a capacity to produce 1.6 million tonnes of cement per year.

As of press time, 6:00 AM (UTC), Sept. 14, shares in the group were worth MAD2,000 ($223.4). This is 4.17-percent higher than its opening price of MAD1,920 ($214.5) for September.