Moroccan billionaire Said Alj’s Unimer Group posts $61.6-million revenue in H1

Feyisayo Ajayi -

Unimer Group, a Moroccan exporter of canned sardines and anchovies, which is controlled by billionaire Said Alj, has seen an eight-percent growth in its consolidated revenue during the first half of 2023 compared to the same period in 2022, according to its recently released financial reports.

Unimer’s consolidated revenue increased from 568 million Moroccan Dirhams (MAD) or $56.8-million in the first half of 2022 to 616 million MAD ($61.6-million) in the corresponding period this year.

The group’s management attributes this increase mainly to the organic growth observed in the first quarter of 2023, primarily resulting from higher sales volumes and prices in the canned and semi-preserved products segment.

However, in the second quarter of 2023, Unimer posted revenues of totaling 347 million MAD ($34.7 million), down from 366 million MAD ($36.6 million) in the second quarter of 2022. Company officials primarily attribute this decline to a notable slowdown in sardine landings during the 2023 fishing season.

Unimer noted that it made investments totalling 13.5 million MAD ($1.35 million) during the first half of 2023, as opposed to 8.2 million MAD ($820,000) at the end of June 2022.

The investments were primarily aimed at enhancing performance through continuous modernization of the Group’s industrial facilities and the upgrading of trawler vessels.

On another note, the company’s consolidated net debt as of June 30, 2023, stands at 985 MDH, marking a 4.2-percent increase compared to the same period in the previous fiscal year.

Said Alj, a highly influential businessman in Morocco is the founder of Unimer Group.

Unimer is most famous for manufacturing and exporting the ‘Titus’ brand of canned Sardines to various West African countries. Said Alj owns a 79.79-percent stake in Unimer Group, listed on the Casablanca Stock Exchange.

Unimer Group is ultimately a subsidiary of Sanam Holding, one of the largest conglomerates in Morocco, which Alj controls.