Message From The Chairman

The year 2022 began on a rather hopeful note: that of the momentum generated by the post-Covid recovery, with the corollary prospect that inflationary pressures would gradually fade away.

But geopolitical tensions and central bank monetary policies have, on the contrary, propelled energy and food prices to unprecedented levels.

On the Moroccan market, the reorganization of global supply chains has led to a sharp increase in prices, particularly for food products.

In this context, our Group has, more than ever, confirmed its commitment to do everything possible to support the purchasing power of the Moroccan population.

A budget of 100 million dirhams has been assigned for this sole purpose, while our sourcing and storage policy has been optimized to limit the effects of inflation as much as possible.

This harsh economic context has not slowed down the pace of our investments: in 2022, we remained one of Morocco’s leading private investors and employers, and expanded our retail network with 19 new outlets.

Thanks to the renewed confidence of our customers and the realization of this openings-driven ambitious policy, our Group has achieved consolidated revenues of MAD 13,947 million, up 19% compared to 2021, and EBITDA up 17% to MAD 1,216 million.

Our pertinent strategic and commercial choices enabled the Group to achieve a financial result of MAD 17.2 million, despite the high level of investments made during the year.This outcome is now shared with a growing number of employees through our “employee-shareholder” program, which experienced a significant success in 2022 with a 126% increase in subscriptions.

For a better readibility of our accounts and to revaluate our real estate assets by spliting the retail activity from the group’s real estate, it was decided to create TERRAMIS SPI-RFA Fund. This initiative has enabled the Group to strengthen its financial balance.

We have kept our promises to our clients and shareholders. But our commitments go beyond that: we are a corporate citizen, and that confers on us a set of responsibilities.

This commitment was formalized in 2021 with the award of the CGEM label, and in 2022 with the publication of our environmental policy, which consolidates all of our initiatives to reduce the carbon footprint of our activities, promote eco-innovations and fight against food waste.

Numbers, market share, image, compliance with commitments: all the Group’s 2022 indicators are therefore in the green, giving us in 2023 the latitude to continue to move forward, together, on our performance path.

Rachid Hadni

Chairman of the Board of Directors