Moroccan sugar group Cosumar regained momentum in the second quarter of 2026 after a start to the year marked by logistical and port disruptions, with quarterly revenue reaching 2.619 billion dirhams, down 2.8 percent year-on-year, an improvement from the 17.3 percent decline recorded in the first quarter, Le Nouvelliste reports. The gradual recovery rests on a catch-up in sales volumes, with the group saying it made up part of the shortfall accumulated during the first three months of the year, when exceptional weather conditions and port logistics disruptions had weighed on its activity.
The rebound in volumes was not enough to offset the impact of falling prices, as world prices for white and raw sugar declined over the second quarter, weighing on revenue and affecting export sales as well. Consolidated revenue for the first half stood at 4.825 billion dirhams, against 5.362 billion dirhams a year earlier, a 10 percent decline, though the gap narrowed over the second quarter thanks to improving commercial and logistics dynamics.
On the agricultural side, the 2026 campaign produced 240,000 tons of white sugar, down from 280,000 tons the previous campaign, a decline linked to flooding in the Gharb and Loukkos regions. Sugarcane yields, however, rose by around 15 percent, helped by improved water availability, a trend feeding into Cosumar’s outlook for coming campaigns: the group is planning more than 60,000 hectares of sugar crops for the 2026-2027 campaign, drawing on rising dam-filling rates.
The first half also saw a marked rise in debt, with consolidated net debt reaching 2.333 billion dirhams at the end of June, up 45.1 percent from 1.608 billion dirhams a year earlier, which Cosumar attributes mainly to increased financing needs for the agricultural campaign linked to expanded beet and cane planting areas. Investment fell to 78 million dirhams from 92 million dirhams a year earlier, focused mainly on upgrading and maintaining industrial equipment. For the rest of the year, Cosumar is counting on a gradual normalization of port traffic, with refining capacity exceeding 7,000 tons per day and first deliveries from its liquid carbon dioxide production project expected in the first quarter of 2027.