Home » Led by affluent Moroccan Chaabi family, SNEP reports 14.8-percent increase in revenue

Led by affluent Moroccan Chaabi family, SNEP reports 14.8-percent increase in revenue

by Omokolade Ajayi

Morocco-based electrolysis product producer Societe Nationale d’electrolyse et de Petrochimie (SNEP) has declared a 14.8-percent increase in revenue for the first nine months of its 2021 fiscal year, which ended on Sept. 30.

The leading Moroccan chlorine and soda producer disclosed that its revenue during the period under review soared by double digits from MAD667.7 million ($73.2 million) in the first nine-month (9M) period of 2020 to MAD766.5 million ($84.05 million) in 9M 2021.

The sharp growth in the group’s top-line was delivered off the back of surging commodities prices, especially for crude oil and petrochemicals. Pricing benefits from the increased commodity prices have offset difficulties in operations driven by disruptions in the global supply chain.

SNEP is a Moroccan company and leading electrolysis product manufacturer established in 1973 as a national company with private management.

After reporting success in its early years of operation, the company was acquired in 1993 by one of the oldest private industrial groups in Morocco, which was closely held by the late Moroccan billionaire businessman and politician Miloud Chaabi.

The Moroccan Chaabi family currently holds a majority 62.92-percent stake in the company through Ynna Holding. Omar Chaabi is the executive vice president of Ynna.

Figures contained in the group’s financial statement revealed that its financial performance for 9M 2021 was impacted by production disruptions in Q3 2021 linked to poor oxygen supplies.

In Q3, the group’s revenue fell by 5.4 percent compared to the previous period, mainly due to lower volumes sold. However, impressive growth during the first half of 2021 placed revenue in a comfortable position above the $84-million mark.

As of press time, Nov. 11, shares in SNEP on the Casablanca Stock Exchange were trading at MAD746 ($81.83), giving the company a MAD1.79-billion ($196.41 million) market capitalization.

At the current share valuation, the market value of the stake held by the Chaabi family is valued at MAD1.13 billion ($123.58 million).

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