SMI: Revenue Rises 36% to 852 MDH in the First Half of 2026
Société Métallurgique d’Imiter (SMI) Reports Significant Growth in H1 2026
SMI, a subsidiary of the Managem Group, has recorded a notable increase in its activity for the first half of 2026. The company’s revenue reached 852 million dirhams (MDH) by the end of June, marking a 36% increase year-on-year.
This performance is primarily attributed to the sharp appreciation of the average silver price, which rose by 120% during the period. This favorable price movement helped offset a 38% decline in sales volumes, impacted by scheduled maintenance work and the delayed commissioning of the quarry project.
Despite the reduction in volumes, the increase in silver prices enabled SMI to sustain a positive revenue trend during the first six months of the year.
Increased Investment Activity
In parallel, SMI has accelerated its investment program. Capital expenditures in the first half reached 190 million dirhams, reflecting a remarkable 111% increase compared to the same period in 2025.
These investments are primarily aimed at accelerating mining development efforts and preparing future production centers. The focus is on enhancing reserve replenishment and bolstering the company’s production potential in the medium to long term.
This strategic direction illustrates SMI’s commitment to strengthening its mining capabilities while preparing for the next phases of its operational development.
Decline in Net Cash Position
As of the end of June 2026, SMI’s net cash position stood at 243 million dirhams, down 297 million dirhams compared to the end of the 2025 fiscal year.
This decrease is mainly due to dividend distributions and an increase in working capital requirements.
These results come in a favorable context for the Managem Group, whose performance in the first half of 2026 also benefited from rising metal prices and the increased output from several mining assets.
For SMI, the growth in revenue, coupled with accelerated investments, reflects a strategy aimed at sustainably enhancing production potential and preparing for future growth drivers for the silver producer.
