SMI reports 125.00 percent profit growth: what it means for SMI stock

Published on 10/14/2026 at 06:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SMI stock's first-half revenue rose 36.00 percent to MAD 852.00 million. Net income reached MAD 243.00 million versus MAD 108.00 million.

Profit growth and silver output

SMI reported net income of MAD 243.00 million for the first half of 2026, up from MAD 108.00 million.
Revenue reached MAD 852.00 million, while production fell 35.00 percent during the same period.
The AMMC listed SMI's first-half 2026 financial results on September 25, 2026.

SMI, MA0000011330, Illustration mit AI erstellt.

SMI, or Société Métallurgique d'Imiter (MA0000011330), reported net income of MAD 243.00 million for the first half of 2026, compared with MAD 108.00 million a year earlier. The result was published on September 25, 2026, when AMMC listed SMI's first-half financial release.

Revenue rises to MAD 852.00 million

Revenue reached MAD 852.00 million in the first half of 2026, up 36.00 percent from MAD 628.00 million in the first half of 2025. Alphabourse reported that the increase was supported by a 120.00 percent rise in the selling price of silver.

What does the profit growth mean?

The earnings improvement came despite a 35.00 percent decline in production. Le Nouvelliste attributed the production decline to scheduled maintenance in the first quarter and a delay in bringing a new quarry phase into operation.

Operating performance also strengthened. Earnings before interest, taxes, depreciation and amortization reached MAD 526.00 million, compared with MAD 302.00 million in the first half of 2025, while the margin increased to 62.00 percent from 48.00 percent.

Imiter projects add capacity

SMI plans to expand production capacity at Imiter through investments tied to Imiter Centre and Igoudrane. The company also plans to intensify exploration as elevated silver prices improve the economics of future resource development.

SMI is listed under ticker SMI.MA on the Casablanca Stock Exchange, according to mystocks.africa. The combination of higher silver prices and lower output leaves commodity pricing and operational execution as the central variables for the second half of 2026.

SMI remains tied to silver prices

SMI's first-half figures show how strongly its earnings can respond to metal prices: a 120.00 percent increase in the selling price of silver more than offset a 35.00 percent production decline. The next test is whether new capacity and exploration spending can support volumes after the maintenance-related disruption.

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