As expected, Cosumar showed during 2020 a solid resilience of its results, despite the negative repercussions of the health crisis on the local demand.
Driven by the export activity, the revenue came to MAD 8,630 Mn, up 5.1% against an AGR estimate of MAD 8,739 Mn. This represents an achievement rate of 99%. For its part, the recurring net profit is slightly lower than our expectations with an achievement rate of 96%. (C.f. Start 2021 under the cash-conversion perspective) By restating the exceptional donation to the Covid-19 Fund which amounts to MAD 100 Mn, the decrease in the NIGS is limited to -4.8%.
