Moroccan conglomerate Mutandis has reported a 16% increase in revenue to 1.73 billion dirhams at the end of September 2026. The group's consolidated revenue for the third quarter of 2026 was 764 million dirhams, up 29% from the same period in 2025. This growth was driven by all of the group's activities. Mutandis confirmed its strong growth dynamic, with a significant increase in revenue across its various business segments.
The group's seafood business, which is its largest contributor to revenue, generated 856 million dirhams in revenue at the end of September 2026, up 18% from the previous year. This performance was driven by improved availability of sardines, which allowed for a significant increase in canned production. The number of cans produced increased by 27%, with revenue up 52%. The group's international brand, Season, which is marketed in the United States, also saw growth, with a 10% increase in revenue at the end of September.
The Season brand's growth accelerated in the third quarter, with a 26% increase in revenue. According to Mutandis, the first nine months of 2026 were a record high for this brand, driven by strong demand from American consumers. Another brand, Anny, which is present in African and European markets, saw a 27% increase in sales at the end of September. The group's beverage business also saw sustained growth, with revenue reaching 237 million dirhams for the first nine months of 2026, up 23% from the previous year.
The growth in the beverage business was driven primarily by the return to normal operations at the Ain Ifrane plant, which had been interrupted in the first quarter of 2025. The plant is now operating at full capacity, allowing the group to regain its production capacity. However, the fruit-based beverage segment saw a slight decline, due to unfavorable weather conditions and strong promotional pressure on the soda market. A maintenance shutdown in the third quarter also impacted this business.
The hygiene business saw revenue of 632 million dirhams at the end of September, up 10% from the previous year. Volumes grew by 10%, driven by the launch of a new generation of powder and liquid products at the end of the first quarter. The acceleration was particularly marked in the third quarter, with a 22% increase in revenue and a 19% increase in volumes. The group's investments reached 81 million dirhams at the end of September 2026.
On the financial front, Mutandis's net debt stood at 949 million dirhams, up 121 million dirhams from December 31, 2025. This increase was primarily due to the rebuilding of stocks in the United States. The increase in debt occurred in a context of strong demand on the American market and development of the seafood business. The group's financial situation reflects its efforts to meet growing demand and invest in its operations.
Overall, Mutandis's results demonstrate its ability to maintain a strong growth dynamic across its various business segments. The group's diversified activities and strategic investments have enabled it to capitalize on growth opportunities and improve its financial performance. With a strong presence in Morocco and internationally, Mutandis is well-positioned to continue its growth trajectory.
Key points
- Mutandis reports 16% increase in revenue to 1.73 billion dirhams at end of September 2026
- Seafood business drives growth with 18% increase in revenue to 856 million dirhams
- Hygiene business sees 10% increase in revenue to 632 million dirhams at end of September
