Morocco: Sonasid's net income down 84% YoY to MAD8 million at the end of 2019
Tuesday, 24 March 2020 15:51
Morocco’s national steel manufacturing company (Sonasid) ended 2019 with a net income of MAD8 million, down 84% compared with the MAD49.7 million in 2018.
The leader in steel production on the Moroccan market attributed this bad performance to a deterioration of market conditions both internationally and locally. “The pressure of the international context has been accentuated by the more marked drop in the price of finished products compared to that of raw materials and by the rise in the price of industrial consumables,” Sonasid said in a recent financial communication.
On the local market, the company listed on the Casablanca Stock Exchange faced “a strong increase in imports, especially from Turkey.” Subsequently, Sonasid's turnover fell by 5% to reach MAD3.5 billion at the end of 2019 against MAD 3.8 billion in 2018.
Sonasid is controlled up to 64.86% by Nouvelles Sidérurgies industrielles (NSI), jointly owned by the Luxembourg steel group ArcelorMittal and the Moroccan investment fund Al Mada.
Chamberline Moko
Live News
-
Senegal, Azerbaijan sign digital cooperation deal on e-government
15:15
-
US strikes in Nigeria expose split between security goals and religious narrative
14:24
-
African Union to fund three think tank consortia through ATTP platform
13:56
-
Nigeria: U.S. Military Intervention in Sokoto, a New Test for the Country’s Financial Credibility
13:30
-
Swiss‑Belgian Company Pumps 1.3 billion Francs into WWF Cocoa Project Targeting Jobs and Forest Protection
13:12
-
Cameroon Backs AfCFTA Corridor Project as IOM Secures AfDB Funding
12:15
-
Nigeria fintech Clea eases international supplier payments for businesses
17:15
-
Morocco accelerates airport digitalization at Casablanca hub for AFCON 2025
16:12
-
Lomé Commercial Fortnight runs through January 4, 2026
15:38
-
Cameroon positions 650,000 hectares for deforestation-free cocoa under EU rules
13:48
Kenya shipped its first mango consignment to the UK on December 20 The move is part of a pilo...
Nomba brings Apple Pay to 300k Nigerian shops. Following Paystack, this "second row" move enables ...
Kenya’s CMA licensed Safaricom and Airtel Money as Intermediary Service Platform Providers (ISPPs)...
In Africa, the transformation of food systems has become an urgent issue in the face of rapid popula...
The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...
Dakar and Baku sign two agreements on digital transformation Cooperation targets cybersecurity, skills, startups, and e-government Partnership...
Trump says US forces hit Islamic State fighters in Sokoto state Abuja confirms strikes but rejects claims of a religiously driven...
AU selects three African think tank consortia under its ATTP funding scheme Each consortium could receive about $10 million over two and a...
NALA has secured PSP and PSO licenses from the Bank of Uganda, adding to its 2024 Money Remittance license. Backed by $40M in Series A...
Afrochella, now known as AfroFuture, is a cultural event held annually in Ghana, mainly in Accra, around the Christmas and end-of-year period. Launched in...
Algiers is a coastal capital of around four million inhabitants, located in north-central Algeria. Its urban structure, heritage, and social practices...