News Agencies Feed :

    TotalEnergies Marketing Maroc Reports 40% Drop In Net Income

    TotalEnergies Marketing Maroc has been present in the Moroccan market for over 90 years

    19 Jan 2023

    Rabat - TotalEnergies Marketing Maroc's profit margins fell sharply following high international oil prices, which caused the company's net income to drop by 40%.

    The energy company formerly known as Total Maroc made the announcement in a press release shared on January 17.

    “High international petroleum product prices resulted in a significant decline in profit margins, which led to a sharp drop in net income for 2022, which we estimate at approximately 40% compared to 2021,” reads the company’s press release.

    The company highlighted that its “positive inventory” as well as its “business dynamics” have partially mitigated the impact of the sharp drop.

    The company stressed that it continues to show “good resilience thanks to solid fundamentals and a dynamic investment strategy,” which allowed it to further establish its presence “territory despite 2022’s global challenges.”

    TotalEnergies Marketing Maroc has been present in the Moroccan market for over 90 years. The company generates almost 600 jobs directly and more than 5,000 indirect jobs.

    The company operates more than 370 service stations across the country and manages marketing operations for more than 1.7 million tonnes of petroleum products.

    In addition, the company is the third largest distributor of petroleum products and services in Morocco with an estimated 15% of the market share.

    According to the competition council, the Moroccan oil market is currently dominated by Vivo Energy Maroc, TotalEnergies Marketing Maroc, and SMDC Afriquia.

    moroccoworldnews

    Stock Market

    Index

    Value

    Change

    Open

    MADEX

    9 209,87

    0,82 %

    9 135,23

    MASI

    11 329,76

    0,81 %

    11 238,86

    FTSE CSE

    10 269,41

    0,50 %

    10 218,62

    Contact US | © 2020 All Rights Reserved