Mangum: Group profits increase 10-fold to AED 3.8 billion
Moroccan mining conglomerate Manjum Group's net profit nearly doubled to 3.77 billion dirhams in the first half of 2026, driven by the entry of Tizert and Buto miners into full production capacity and the rise in gold and silver prices.
On Friday, September 25, 2026, the Moroccan Mining Group revealed exceptional financial results for the first half of the year, as its net profit in the group's share jumped to about 3.77 billion dirhams compared to only 380 million dirhams during the same period of 2025, an increase of nearly ten times. This jump is driven by the entry of the Tizert miners in Morocco and Bhutto in Senegal with their nominal production capacity, in addition to the high prices of gold, silver and copper globally. Exceptional growth in transaction number and operating margin of transaction number The combined group was AED 11.76 billion at the end of June 2026, an increase of 166% compared to AED 4.42 billion in the first half of 2025. Earnings before interest, taxes and depreciation (EBE) jumped to AED 6.19 billion compared to AED 1.44 billion, a growth of more than 300%, raising the Group's operating margin by 20 points to 53% compared to 33% a year ago. Manjum Results: Comparison between H1 2025 and 2026 Index H1 2025 H1 2026 Change Transaction Number 4.42 Billion AED 11.76 Billion AED +166% profit before interest and taxes (EBE) AED 1.44 billion AED 6.19 billion +300% operating margin 33% 53% +20 points Net profit for the group's share AED 380 million AED 3.77 billion × approximately 10 Tizert and Bhutto are leading the expansion despite the decline of EMETER According to the company's data, the Tizert mine in Morocco and Bhutto in Senegal reached their nominal production capacity during the first half of the year, which formed the main lever for growth along with the improvement in precious metals prices. In contrast, the group recorded a decline in production Silver at Imeter Mine and in gold production at Tri-Ki Mine, without preventing the improvement of the financial result of the company, which reduced its financial deficit to 109 million dirhams compared to 118 million dirhams a year ago. What this means for the Moroccan economy These results reflect the expansion of the Moroccan mineral sector as an export lever along with phosphate, in light of the high global demand for precious metals. The announcement comes in the context of Fitch's recent confirmation of Morocco's credit rating at BB+, which enhances the country's image as an investment destination in the sector Mining. These results are expected to be reflected in the performance of Manjum's stock on the Casablanca Stock Exchange during the coming sessions.