International conditions became more complicated and export sales fell by 15.8%. The indebtedness is greatly reduced due to the partial repayment of the outstanding amount of the Compensation Fund. The commercialization of the Durrah refinery is expected around the third quarter of 2021.
In the first quarter, the consolidated turnover of Cosumar amounted to 1,974 million dirhams, down 3.8% compared to the same period in 2020. Compared to the first quarter of 2019, the turnover shows an increase of 5%.
The group indicates that they have continued preparations for the sugar beet campaign and have started the sugar cane campaign with a slight delay due to the rains.
He also recalls that the first quarter of 2020 was marked by a significant increase in purchases of basic necessities and by a favorable international context of export sales. ” In 2021, the sector is gradually returning to a normative context before the pandemic »Explains Cosumar.
In a difficult international market context, export sales volumes over the period amounted to 117,000 tonnes, down 15.8%.
During this first quarter, net debt stood at 629 million dirhams, down 61% compared to the end of December 2020, in particular thanks to the partial reimbursement of the outstanding amount of the compensation fund.
Investments over the period totaled MAD 94 million, down 23% compared to the same period in 2020. They mainly relate to the deployment of the industrial tool upgrade and maintenance program.
As for the future prospects, the group believes that the evolution of vaccination and the relaxation of measures linked to the state of emergency point to encouraging signs for an improvement in activity. The group also indicates that the Saudi refinery of Durrah is being started up with prospects for commercialization from the third quarter of 2021.