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Finally, profits on the increase
In the first half of 2015, the consolidated turnover was down 7.4% to MAD945.9M, due to the 9.9% decrease in sales volume to 309,174 hectoliters. The consolidated EBITDA decreased by 13.6% to MAD172.5M, representing an 18.2% EBITDA margin in H1 2015 vs. 19.5% in H1 2014. The consolidated operating income depreciated by 4.1% to MAD134.7M, reducing the operating margin by 40 bps to 14.2%. However, the Group’s net income increased by 16.1% to MAD84.5M.
SBM can't find a way out
In 2014, SBM realized consolidated sales of MAD2.257bn, down 2.6% compared to that achieved in 2013. The Group's EBITDA declined by 7.1% to MAD518.772M with an EBITDA margin of 23.0% (-110 bps). The operating income posted a decline of 15.4% to MAD358.437M compared to the previous year. The operating margin fell by 240 bps to 15.9%. In line with the decline in operating performance, the Group's net income in 2014 was MAD249.423M, down 7.1% compared to 2013.
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