In a context marked by the fall in domestic cement consumption of -10.0% in 2020, CIMAR outperforms its sector by limiting the drop in its revenues to -7.2% against an AGR estimate of -6.4 % (Cf. Start 2021 under the cash-conversion perspective).
This is attributed to the ramp up of the clinker export activity, allowing both to cope with the contraction in local Demand and to support the capacity utilization rate of its plants.
As expected, EBITDA shows a sharper drop of -9.9% due to the low margin levels generated by the clinker export activity. The recurring net income is better than expected at MAD 967 Mn against an estimate of MAD 939 Mn. The latter does not take into account the donation of MAD 100 Mn to the Covid-19 fund and an impairment of more than MAD 150 Mn on one of its foreign subsidiaries.
