Cosumar: Revenue of 2.2 Billion Dirhams in the First Quarter of 2026
Cosumar Reports Consolidated Revenue Decline Amidst Agricultural Challenges
The sugar group Cosumar recorded a consolidated revenue of 2.2 billion dirhams in the first quarter of 2026, marking a decline of 17.3% compared to the same period last year. This drop is primarily attributed to temporary logistical disruptions caused by exceptional weather conditions that affected port activities and certain distribution circuits.
Additionally, the ongoing decline in global sugar prices, a trend observed since 2025, continues to influence the sector’s performance.
Decreased Sales Volumes but Strong Recovery Potential
As of March 2026, consolidated sales volumes reached 461,000 tons, representing a decrease of 53,000 tons compared to the same period in the previous fiscal year.
Despite this setback, Cosumar emphasizes its substantial industrial and logistical capacities, particularly with a refining capability exceeding 7,000 tons per day. The company believes it can gradually make up for the unrealized volumes in the coming months.
Increased Debt Due to Agricultural Campaign
The group’s net debt stood at 986 million dirhams at the end of March 2026, up from 206 million dirhams at the close of the 2025 fiscal year. This change is mainly attributed to heightened needs associated with the 2025-2026 agricultural campaign.
Furthermore, investments made during the quarter reached 25 million dirhams, primarily dedicated to maintenance operations and the modernization of industrial facilities.
Positive Outlook for the 2026 Sugar Campaign
However, Cosumar remains optimistic for the months ahead. Preparations for the 2026 agricultural campaign are proceeding under favorable conditions, supported by abundant and consistent rainfall across the various regions of the Kingdom.
The high water levels in dams, deemed the highest in the last decade, offer better prospects for sugar crops and reinforce expectations for growth in national production.
Although flooding in certain areas of Gharb and Loukkos has affected some crops, the group maintains its production growth forecasts for these regions.
Well-Supplied Domestic Market
The group assures that the supply of sugar to the Moroccan market has remained stable, bolstered by its storage capacities, the mobilization of its refining units, and the strength of its logistics chain.
On the international front, sugar prices continued to decline at the beginning of the year before rebounding by between 10% and 15% in March, driven by geopolitical developments and uncertainties surrounding Indian exports.
Focus on Industrial Diversification
In addition to its core activities, Cosumar is advancing its project for the production of liquid food-grade carbon dioxide (LCO₂), aimed at valorizing its industrial emissions and reducing the national market’s dependence on imports.
The new industrial unit is scheduled to come online in the first quarter of 2027.
Goals Remain Intact for 2026
Despite a challenging start to the year, Cosumar is maintaining its growth forecasts for the entire 2026 fiscal year. The group anticipates an increase in marketed volumes, a rise in revenue, and an uptick in national sugar production, supported by particularly favorable water conditions and an expected improvement in agricultural performance.
