SMI stock reports 36 percent revenue growth in first half
Published on 09/30/2026 at 15:59 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
SMI generated MAD 852 million in revenue in the first half of 2026, up 36 percent from MAD 628 million a year earlier. Le Nouvelliste reported the figures on September 25, 2026, highlighting the effect of higher silver prices on the Moroccan silver producer.
Silver prices offset lower output
The revenue increase came as SMI's selling price for silver rose 120 percent in the first half, while production declined 35 percent. Le Nouvelliste attributed the production decline to scheduled maintenance and a delay in bringing a new quarry phase into operation.
The operating leverage was visible in profitability. EBITDA reached MAD 526 million, compared with MAD 302 million in the first half of 2025, while the EBITDA margin rose 14 percentage points to 62 percent of revenue.
Profit more than doubles
SMI's operating result increased from MAD 187 million in the first half of 2025 to MAD 392 million in the first half of 2026. Le Nouvelliste also reported that net income reached MAD 243 million, compared with MAD 108 million a year earlier.
The result gives investors a clear split in the operating picture: pricing supported revenue and margins, while maintenance and project timing constrained volumes. SMI plans to expand production capacity at Imiter through the Imiter Centre and Igoudrane projects and to intensify exploration activity, according to the September 25 report from Le Nouvelliste.
Casablanca quote and market value
SMI was quoted at MAD 6,285.00 on the Casablanca Stock Exchange on September 29, 2026, versus a prior close of MAD 6,300.00. The quoted 52-week range was MAD 2,400.00 to MAD 12,899.00, while market capitalization stood at MAD 10.4 billion.
Investing.com identifies SMI as a Casablanca-listed silver mining company and gives December 2, 2026, as the next earnings date. Its profile lists the company in the basic materials sector and metals and mining industry.
SMI stock facts
- Company: Societe Metallurgique d'Imiter S.A.
- Ticker: SMI
- Primary exchange: Casablanca Stock Exchange
- Market capitalization: MAD 10.4 billion (as of September 29, 2026)
- 52-week range: MAD 2,400.00-MAD 12,899.00 (as of September 29, 2026)
- Sector / Industry: Basic Materials / Metals and Mining
- Next earnings date: December 2, 2026
