Casablanca- In a recent announcement, Lydec, a prominent public services operator in the Greater Casablanca region of Morocco, unveiled a remarkable surge in its net profits for the past fiscal year. The company disclosed a net profit of approximately $3.92 million, marking a notable rise of approximately $2.79 million compared to the previous year.

This positive financial performance was attributed to several factors, chiefly an uptick in total transactions throughout the fiscal year 2023. Lydec revealed that the total transaction volume soared to approximately $782 million, indicating a 2.9 percent increase compared to the previous year. Notably, the “Electricity” sector played a pivotal role, witnessing a 1.7 percent surge in transactions, reaching approximately $482 million. Additionally, transactions related to drinking water spiked to approximately $143 million, reflecting a 2.3 percent increase from the previous year.

Moreover, the company’s operating surplus experienced a significant boost, reaching approximately $109.79 million, a 5.7 percent increase compared to the previous year. This surge was primarily attributed to robust performances in liquid sales and external works.

Lydec also disclosed its investments in delegated management for the year 2023, totaling approximately $109.28 million, with substantial financing from the delegated authority amounting to approximately $32.68 million.

Furthermore, the company reported a positive trend in its net treasury level, reaching approximately $47.01 million by the end of December, signifying an improvement compared to the previous year. This enhancement was attributed to a decrease in debts and intensified company recovery efforts.

Following this profitable outcome, the board of directors proposed the allocation of profits to distribute dividends, amounting to approximately $0.49 per share. This proposal is subject to approval during the upcoming ordinary general meeting of shareholders.

Looking ahead to the year 2024, Lydec outlined its plans to continue investments aimed at ensuring the supply of drinking water in Greater Casablanca. Additionally, the company aims to address challenges associated with water stress in Morocco and align its efforts with the development plan for Greater Casablanca, including investments in infrastructure for rainwater drainage.

Lydec’s pivotal role as a key player in the region’s public services sector remains crucial, with a steadfast commitment to providing quality services to residents while contributing to the long-term urban development and infrastructure standards in the Greater Casablanca area.