LafargeHolcim Maroc reports 31% drop in net income

LafargeHolcim Maroc reports 31% drop in net income
24 March 2023

LafargeHolcim Maroc, part of the Holcim group, posted a 2.6 per cent YoY decrease in consolidated turnover to MAD7.98bn (US$776.5m) in 2022. Sales volumes of the company contracted and were only partially offset by higher clinker sales and the increase in the average selling price. Moroccan cement demand declined by 10.6 per cent in as inflation impacted the economy.

Current operating income reached MAD2.69bn in 2022, down 23 per cent YoY, due to the drop in cement sales and the rise in input prices, particularly fossil fuels.

The company also recorded a consolidated net income of MAD1.39bn in 2022, representing a 31 per cent drop when compared to 2021. The decline is attributed to the increase in social contribution in 2022 and the impact of the revision of the deferred tax base following the gradual increase in corporate tax from 2023 to 2025 provided for in the finance law of 2023.

Published under Cement News