An EBITDA margin at 46% despite lower volumes
H1 2016 Key figures:Revenues up by 4.1% to MAD2.007bn, thanks to a positive price effect, as sales volumes were slightly down by 0.5% (vs. a local demand in increase by 1.7%). In addition, the revenues have also benefited from the increase in the Ready-mix and aggregates volumes.
Improved margins due to lower production costs. EBITDA is around MAD928m, i.e. an increase by 15.7%. Thus, the H1 2016 EBITDA margin increased by 460 bps to 46.2%.
The operating margin has also improved from 29.1%, in June, 2015, to 32.6% as of 30/03/2016.
The decrease in the financial result reduced the H1 2016 net result growth to only 0.5% (MAD503m).
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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