Casablanca – Afriquia Gaz, one of Morocco’s leading energy distributors, reported strong financial results for the first half of 2025, supported by higher resale prices, stable demand, and a strengthened balance sheet. Revenues and profits both recorded significant growth despite a volatile energy environment and slight fluctuations in sales volumes.

First half revenues surpass $484 million

By the end of June 2025, Afriquia Gaz posted consolidated revenues of $484 million, an 11% increase compared with $436 million in the same period of 2024.

For the second quarter alone, consolidated revenues stood at $236 million, compared with $225 million a year earlier, reflecting a 5% improvement. On a social basis, revenues for the quarter amounted to $229 million, up nearly 3% year-on-year.

Over the six-month period, social revenues totaled $473 million, an annual increase of just over 10%. This result was mainly attributed to an upward adjustment in resale prices, which offset stable sales volumes.

Strong start in the first quarter

The year began with strong momentum. In the first quarter of 2025, Afriquia Gaz reported consolidated revenues of $248 million, up 17.8% compared with about $206 million in the same period of 2024. The increase was driven primarily by higher resale prices despite a slight decline in volumes.

Gas sales reached 316,340 tonnes during the quarter, compared with 319,086 tonnes a year earlier, indicating relatively steady demand. Over the first half of the year, sales volumes totaled 631,950 tonnes, almost unchanged from 630,954 tonnes in the first half of 2024. This stability highlights consistent market demand despite persistent volatility in the global energy sector.

Profitability surged in 2024

The company’s 2025 results build on a strong performance in 2024. Consolidated net profit increased by nearly 62% last year, reaching $77 million compared with $48 million in 2023. This growth reflected the company’s ability to effectively manage costs while leveraging pricing strategies to maintain profitability.

Investment trends

Investments in 2025 were significant but lower than the previous year. In the first quarter, Afriquia Gaz invested $9.8 million on a social basis, down from $12.6 million in the first quarter of 2024. Consolidated investments in the same period totaled $10.1 million, compared with $14 million a year earlier.

During the second quarter, the company invested $10.6 million, compared with $12.3 million in the same period last year. For the first half as a whole, investments reached $20.4 million on a social basis, compared with $24.9 million in 2024. On a consolidated basis, investments stood at $22 million, down from $28 million a year earlier.

A large portion of these funds went toward acquiring new gas cylinders, aimed at meeting market demand and reinforcing the company’s distribution infrastructure across Morocco.

Improved financial structure

Afriquia Gaz also made significant progress in improving its financial structure. Net social financial debt dropped sharply to $15 million at the end of March 2025, compared with $92 million a year earlier.

On a consolidated basis, net debt fell to $134 million in March 2025, down from $186 million a year earlier. However, by the end of June 2025, consolidated net debt rose again to $85 million, compared with $71 million at the same point in 2024, reflecting new financing needs linked to investment and operational requirements.

In addition, Afriquia Gaz issued a private bond placement worth $62 million during the first quarter of 2025. This move supports its investment strategy and diversifies its funding sources.

Outlook

Afriquia Gaz’s performance in the first half of 2025 highlights the resilience of Morocco’s domestic gas distribution sector. Stable demand, combined with effective pricing adjustments, allowed the company to achieve revenue growth despite global energy market fluctuations.

Although investments have slightly decreased compared with 2024, Afriquia Gaz remains focused on infrastructure development, particularly through the acquisition of new cylinders to ensure reliable supply. The improvement in debt ratios, combined with a successful bond issuance, provides the company with greater flexibility for future expansion.

With revenues on the rise, profitability strong, and a more balanced financial structure, Afriquia Gaz enters the second half of 2025 on solid footing. Its ability to maintain steady volumes, optimize prices, and manage its financing places it in a favorable position to navigate global energy uncertainty and sustain long-term growth.