Afriquia Gaz, controlled by Moroccan billionaire PM Aziz Akhannouch, reports $567 million in revenue

Morocco-based oil and gas group Afriquia Gaz has posted strong growth in its revenue in the first nine months of 2021 as the resurgence in oil demand led to an increase in oil and gas prices on commodity markets.

The robust top-line performance confirms the group’s achievement of its annual target, as it deploys new strategies to sustain the recent growth in its revenue moving forward.

Figures contained in the group’s activity indicator for the third quarter of 2021 revealed that its revenue increased by 22.5 percent to MAD5.2 billion ($567.2 million) in the first nine months of 2021, up from MAD4.3 billion ($469.2 million) during the corresponding period of 2020.

Afriquia Gaz SA is a Morocco-based group engaged in refining and marketing liquefied petroleum gas. It also offers high-performance energy solutions covering domestic and professional needs.

The energy group is majority-owned by Akwa Group, a Moroccan conglomerate led by Moroccan billionaire and politician Aziz Akhannouch, the current prime minister of the country.

The strong growth in Afriquia’s revenue was fuelled by a surge in oil and gas prices, as the group recorded a marginal 1.2-percent increase in its sales volume in tonnage.

Aside from the sustained growth in energy prices for the year due to a strong recovery in fuel and energy demand, the group’s robust financial results in the first nine months of 2021 can be linked to the continuous efforts of the group’s commercial activity and the resumption of bulk gas sales.

To sustain the upward trajectory in its revenue and earnings, the group invested MAD308.6 million in bolstering its operating activities in the first nine months of 2021.

As of press time, Dec. 2, shares in Afriquia Gaz were trading at MAD5,200 ($565), giving the group a MAD17.88-billion ($1.94 billion) market capitalization.

As of the time of writing, Akhannouch’s net worth is valued at $2 billion, making him one of the richest men in Morocco and Africa.