Casablanca – Morocco’s sugar sector experienced a year of mixed outcomes in 2025, as Cosumar, the country’s leading sugar producer, recorded record revenues driven by a strong rebound in production and exports, while profitability declined due to exceptional financial factors and a challenging global environment.

The group’s performance was largely supported by an exceptional agricultural season, which led to a sharp increase in white sugar output. Production from local harvests reached nearly 280,000 tons, compared to 191,000 tons in 2024—an increase of about 47%. This improvement reflects better farming practices, optimized water resource management, and stronger technical support provided to partner farmers.

This recovery in production played a key role in boosting overall business activity. By the end of 2025, Cosumar reported consolidated revenues of approximately $1.08 billion, representing an increase of around 2.4% compared to the previous year. This marks one of the highest revenue levels ever achieved by the group.

Exports were a major driver of growth. Increased domestic output, combined with expanded refining capacity—particularly at the Sidi Bennour facility—enabled Cosumar to strengthen its position in international markets. This allowed the company to benefit from external demand despite global uncertainties, including geopolitical tensions and fluctuations in commodity markets.

However, the strong commercial performance did not translate into higher profits. Operating income declined slightly to about $133 million, a decrease of approximately 3.2% compared to 2024. This drop reflects less favorable international market conditions, including pricing pressures and increased costs.

Net profit showed a more significant decline, falling to around $72.6 million, down 17.2% year-on-year. According to the company, this decrease was mainly due to non-recurring factors, particularly an exceptional tax adjustment recorded during 2025. These elements weighed on reported earnings but did not reflect the company’s underlying operational performance.

Management indicated that, excluding these exceptional factors, net profitability would have increased, highlighting stronger operational efficiency than suggested by headline figures.

Despite the decline in net income, Cosumar maintained a stable and attractive dividend policy. The group proposed a total dividend of approximately $1.03 per share, including both regular and exceptional distributions. Based on a year-end share price of around $21.0, this represents a dividend yield of about 4.92%, reflecting the company’s commitment to consistent returns for shareholders.

Beyond its financial results, Cosumar continues to play a central role in Morocco’s agricultural ecosystem. The company works with around 80,000 partner farmers through an aggregation model that supports local production. It provides technical assistance, guarantees the purchase of crops at fixed prices, and contributes significantly to rural economic activity.

At the same time, the group has been addressing structural challenges, particularly those related to climate conditions and water scarcity. In recent years, it has made substantial investments to improve water efficiency and reduce energy consumption across its operations. These efforts include increasing the use of renewable energy and modernizing industrial processes.

In periods of reduced agricultural output due to unfavorable weather, Cosumar has also relied more on refining imported raw sugar to ensure a stable supply for the domestic market.

Looking ahead, the outlook for 2026 appears more positive. Recent rainfall has improved water availability and increased dam levels, supporting expectations for upcoming agricultural seasons. Early indicators also suggest that the current planting campaign is progressing better than the previous one.

In addition, Cosumar is preparing to launch new sustainability initiatives, including a project focused on reducing carbon emissions and optimizing resource use at its Casablanca refinery. This reflects the group’s long-term strategy of combining industrial growth with environmental responsibility and international expansion. Cosumar’s 2025 performance illustrates a company navigating a complex environment. While exceptional financial factors affected net profit, the group demonstrated strong operational resilience, record revenues, and continued investment in production capacity and sustainability, reinforcing its position in both domestic and global sugar markets