Aluminium du Maroc: Net profit for 2019 rises by 4.7%; dividends proposal gets delayed by the next General Meeting due to “COVID-19”

Aluminium du Maroc, specializing in the design and manufacturer of aluminium alloy profiles for building and industry in Morocco, stated in their financial result that its net profit in 2019 stood at MDH 60.1 million, an increase by 4.7% compared to 2018.

This change is explained by the 2019 financial result (+9.1 MDH) in clear appreciation compared to 2018 (-5.5Mdhs) and the current result which includes the disposal of the stakes in the company Alucoil Maroc.

The operating income reached 60.3 MDH, down 22% compared to 2018, mainly due to the non-renewal of the reversals of exceptional provisions made in 2018, while turnover rose to 893.1 MDH, down 2% compared to the end of 2018.

The Moroccan aluminium company said the in regards distribution of dividends, the unprecedented health situation linked to COVID-19 leads the Board of Directors to propose to the next General Assembly the distribution of a dividend of 70 dirhams per share, noting that the Board will meet again before the statutory deadline for convening the General Meeting to review its position.

The company announces its registration in the national solidarity drive, "by participating in the financing of the COVID-19 Fund to the tune of 1.7 MDH".

On the outlook side, the company stated that all energies are mobilized to promote the development of activities in Morocco and abroad, stressing that the different markets in which the company operates constitute important commercial outlets.