Key Points:
- Disway experienced a 3.14% revenue increase mixed with a notable decline in net income by 22.47% to MAD65.52 million ($6.59 million) for the full year.
- Sales dropped by 4.14% to MAD 1.87 billion ($187.82 million), highlighting the impact of ongoing supply chain challenges.
- Despite facing a challenging financial year, the company has announced a $6.63-million dividend, underscoring its commitment to shareholders.
Disway, Morocco’s foremost technology distributor and retailer founded by Moroccan tech entrepreneur Karim Benjelloun, has announced plans to distribute a total dividend of $6.63 million for the fiscal year 2023. The decision follows a recommendation from the board of directors in a recently published financial update on the Casablanca bourse.
The final dividend of MAD 66 million ($6.63 million), which translates to MAD 35.00 per share ($3.52), will be paid from retained earnings. This payout comes despite the company experiencing mixed financial results, including a modest 3.14 percent revenue growth, and a notable 22.47 percent decline in its net income for the full year.
Disway’s net income drops 22 percent
Disway reported sales of MAD1.87 billion ($187.82 million) for the year ending Dec. 31, 2023, a 4.14-percent decline from MAD 1.95 billion ($195.94 million) in the previous year.
The company’s net income fell to MAD65.52 million ($6.59 million) from MAD84.64 million ($8.5 million) a year ago, reflecting a 22.47-percent decrease. Basic earnings per share from continuing operations dropped to MAD 34.74 ($3.49), down from MAD 44.88 ($4.51) the previous year.
However, revenue showed resilience with a 3.14 percent increase to MAD 1.91 billion ($191.89 million) from MAD1.97 billion ($197.91 million), demonstrating the company’s ability to navigate ongoing supply chain challenges.
Disway: Bringing tech to Morocco
Founded in 2010 through the merger of Distrisoft and Matel PC Market, Disway is the first wholesale distributor of computer and telecom equipment in Morocco. The company distributes a wide range of technological products from international IT publishers and manufacturers.
Karim Benjelloun, the founder and current general manager of Disway, owns 7.36 percent of the company’s total equity, amounting to 138,822 ordinary shares. Benjelloun’s stake highlights his continued commitment to the company’s success since its inception.
