Mutandis, a Moroccan packaged foods and consumer products firm run by prominent businessman Adil Douiri, has reported a high double-digit percentage increase in consolidated sales revenue in 2021, as the country’s economy recovers from the COVID-19 pandemic’s disruption.
Revenue in 2021 increased by 20.7 percent from MAD1.4 billion ($146.9 million) in 2020 to MAD1.69 billion ($177.3 million), according to figures obtained from the group’s annual activity indicators, driven by robust sales growth throughout its core operational sectors.
Apart from solid success across its core operational segments, with the exception of detergents, the firm stated that the increase in revenue to above $170 million in 2021 was also supported by five months of sales from the “Season” brand in accordance with management’s estimates.
Season products generated exceptional revenue of MAD204 million ($21.4 million) in the first five months of the sales period, positioning Mutandis for future expansion.
Mutandis’ food bottles section performed the best, with revenue increasing by 53 percent from MAD180 million ($18.9 million) to MAD275 million ($28.8 million), followed by a 7.8-percent increase in fruit juice sales and another five-percent increase in seafood sales income in the period under review.
To assure long-term revenue and operational growth, the group spent a total of MAD486 million ($50.9 million) during the year related to the acquisition of the Season brand.
Mutandis is an industrial group with activities in four consumer products business categories, including detergent, seafood, beverage and fruit juice sales.
Under the leadership of Douiri, a Moroccan politician and businessman who formed the firm in 2008, the group sells items to Europe and the Middle East in addition to selling manufactured packaged goods in Morocco.
As of press time on Feb. 28, shares in the company were trading at a price of MAD260 ($27.2), giving the group a market valuation of MAD2.4 billion ($251.5 million).
As of the time of writing, the market value of Douiri’s 6.88-percent interest in Mutandis was assessed at MAD165.4 million ($17.33 million).