Maghreb Steel , the largest producer of flat steel in Morocco, reported a 10% increase in revenues in the period from January to September 2024 compared to the same period last year, driven by strong domestic sales. The company’s sales revenues increased to MAD 3.854 billion (US$ 375 million) between January and September 2024, compared to MAD 3.513 billion during the same period in 2023. In the third quarter alone, Maghreb Steel achieved a 20% growth in revenues compared to the same period last year, totaling MAD 1.3 billion (US$ 126 million).
Revenue
Statement | Jan.- Sep. 2024 (MAD million) | Jan.- Sep. 2023 (MAD million) | Change | Q3 2024 (MAD million) | Q3 2023 (MAD million) | Change |
Revenue | 3,854 | 3,513 | 10% | 1,300 | 1,082 | 20% |
Sales volumes also showed significant growth, rising 19% year-on-year to 387,000 tonnes in the first nine months of 2024. In the third quarter, sales volumes increased 27% year-on-year to 132,000 tonnes.
Sales
Statement | Jan.- Sep. 2024 (000 t) | Jan.- Sep. 2023 (000 t) | Change | Q3 2024 (000 t) | Q3 2024 (000 t) | Change |
Sales | 387 | 325 | 19% | 132 | 104 | 27% |
Maghreb Steel is the country’s sole flat steel producer with an annual capacity of 1 million tonnes of hot-rolled, cold-rolled, galvanized and painted coils and sheets. 1 US = 10.2 MAD