Casablanca – Ciments du Maroc has demonstrated resilience in its sales performance in 2024, as the company navigates both challenges and opportunities in the construction sector. The company reported a solid revenue increase of 14.6% for the third quarter of 2024, with unaudited sales reaching $103.1 million. This marks a positive uptick in comparison to the same period in 2023, continuing the upward momentum despite various macroeconomic pressures.

For the first nine months of 2024, Ciments du Maroc posted a modest 1.4% year-on-year growth in revenue, totaling $288.1 million. While the overall increase is modest, it signals the company’s ability to maintain steady performance amidst a competitive market and rising production capacities in the domestic sector. The company’s strategic investments and efforts to optimize operations, particularly in energy efficiency, have contributed to this stability.

One of the key factors behind this resilience is the ongoing investment in operational improvements. In the third quarter alone, Ciments du Maroc committed $4.1 million to investments, marking a 23.6% increase compared to the previous year. These investments are focused on enhancing energy efficiency and supporting the company’s long-term sustainability goals.

The positive momentum in the third quarter contrasts with the more challenging first half of 2024, where the company saw a slight 2% dip in net profits. This decrease was largely attributed to a decline in revenue during the first half, impacted by external factors such as the calendar shift of Eid Al Adha and the intensifying competition from increased production capacities in Morocco’s cement industry.

However, despite these early-year setbacks, the company remains confident about its growth outlook for the remainder of the year. A promising macroeconomic environment, coupled with ongoing large-scale infrastructure projects such as the Africa Cup of Nations (CAN) in 2025 and the FIFA World Cup in 2030, is expected to drive increased demand for construction materials like cement.

Additionally, government initiatives aimed at revitalizing the housing sector are expected to further bolster demand. The reduction in the central bank’s key interest rate and the ongoing housing support programs will likely provide a much-needed boost to the residential market, offering a positive outlook for the cement industry in the coming months.

Looking ahead, Ciments du Maroc is well-positioned to capitalize on these opportunities, with a strategic focus on sustainable growth and energy efficiency. The company’s ability to adapt to changing market conditions and invest in its future bodes well for its performance in the final quarter of 2024 and beyond.