LafargeHolcim Morocco reports 27% drop in 1H net income

LafargeHolcim Maroc posted a 27 per cent YoY drop in net income to MAD759m (US$69.5m) at the end of June 2022.

Consolidated turnover stood at MAD4004m, level with the year-ago period as the company faced unfavourable market conditions and a sharp rise in input prices.

Operating income was down 17 per cent to MAD1464m as fossil energy prices surged and were only passed on to prices partly. In addition, the increase in social contributions to MAD176m also impact the group’s 1H22 result.

“The cement market fell from the second quarter, mainly due to the repercussions of the international crisis on the Moroccan construction market. In an uncertain environment, a downward trend is likely to continue in the second half,” according to the group.