Mutandis: Revenue Increases by 16% as of End of September 2026
Mutandis Group Reports Strong Revenue Growth Amid Flourishing Market Conditions
The Mutandis Group has recorded a consolidated revenue of 1.72 billion dirhams (MAD) for the first nine months of 2026, reflecting a robust 16% increase compared to the same period last year. This upward trend sharpened in the third quarter, with revenues surging by 29% to reach 764 million dirhams (MAD).
According to the group’s financial indicators, this performance is driven by growth across all its business operations, particularly enhanced by new product launches in the hygiene sector, improved procurement of fishery resources, strong demand in the U.S. market, and the full-capacity resumption of operations at the Aïn Ifrane plant.
In the hygiene segment, the company reported a revenue of 632 million dirhams by the end of September, marking a 10% year-on-year increase. The volumes also saw a similar rise, bolstered by the rollout of a new generation of powdered and liquid products. The third quarter particularly stood out with a 22% increase in revenue and a 19% rise in volumes.
Meanwhile, the beverage sector witnessed revenues climbing to 237 million dirhams, a 23% increase, while volumes rose by 30%. This growth is largely attributed to the gradual recovery of operations at the Aïn Ifrane plant, which is now running at full capacity. However, fruit-based beverages experienced a slight downturn due to adverse weather conditions, increased promotional pressures in the soda market, and scheduled maintenance during the third quarter.
On the seafood front, revenues reached 856 million dirhams, an 18% increase year-on-year. The improved availability of sardines facilitated the production of canned goods, with volumes increasing by 27% in the first nine months and corresponding revenues surging by 52%.
Internationally, the Season brand posted a 10% rise in revenue in the U.S. market by the end of September, accelerating to 26% in the third quarter. The group reported record sales for this brand in the first nine months of 2026. Additionally, the Anny brand, marketed in Africa and Europe, also enjoyed a 27% growth.
From a financial standpoint, the group’s investments reached 81 million dirhams by the end of September. Net bank debt amounted to 949 million dirhams as of September 30, 2026, up from 828 million dirhams at the end of December 2025. This increase of 121 million dirhams is primarily due to inventory replenishment in the United States.
With the acceleration in activity during the third quarter, Mutandis remains confident in its forecasts for the entirety of the 2026 fiscal year.
