Mutandis, a Moroccan packaged foods and consumer goods company led by prominent businessman Adil Douiri, has revealed that revenue from product sales surpassed $40 million at the end of the first quarter of its 2022 fiscal year, driven by sustained growth in local consumer demand.
According to its recently published activity indicator, its revenue increased by 40 percent from MAD300 million ($29.8 million) in the first quarter of 2021 to MAD422 million ($42 million) at the end of the first quarter of 2022, owing to an increase in sales of the company’s products such as detergents and food bottles.
Aside from the reopening of tourism and catering, which has had a positive impact on Moroccan beverage consumption and Mutandis product sales in the country, the company’s revenue surge was also driven by the acquisition of the Season brand in the United States, which contributed a total of MAD108 million ($10.75 million).
Despite the group’s impressive revenue growth during the period under review, the seafood segment delivered a dismal performance, led by canned sales, which fell by 20 percent over the quarter due to the new introduction in 2022 of a one-month biological rest period in January aimed at improving sardine availability.
Mutandis invested a total of MAD51 million ($5.1 million) in its operations to cement its leadership position in the Moroccan consumer goods industry in line with its strategic roadmap for 2022, which is expected to consolidate the MAD486 million ($50.9 million) that it spent last year, particularly on the acquisition of the Season brand.
The group, which was founded in 2008 by Douiri, a Moroccan politician and businessman, operates in four consumer product business categories – detergent, seafood, beverages, and fruit juice sales – and sells items to Europe and the Middle East in addition to selling manufactured packaged goods in Morocco.
As of press time on May 9, shares in the company were trading at a price of MAD243 ($27.2), giving the group a market valuation of MAD2.24 billion ($224.2 million), while the market value of Douiri’s 6.88-percent interest in Mutandis is valued at MAD154.11 million ($15.36 million).
