Great improvement in margins and promising prospects
Consolidated sales declined by 2.5% compared with the same period last year to MAD923m, including a 3.1% drop in local beer sales to 299,464 hl. On the other hand, the group managed to improve its EBITDA by 16.2% to MAD201m, for an EBITDA margin of 21.8% (+350 bps). The operating income also improved by 10.9% to MAD149m, bringing the operating margin to 16.1% vs. 14.3% at the end of June, 2015. Finally, the attributable net profit grew by 5.2% to MAD89m. The net margin was 9.9%, an increase of 90 bps.
AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.
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