Mutandis, the Moroccan consumer goods group founded by Adil Douiri, generated consolidated revenue of MAD1.73 billion ($176.78 million) in the nine months ended September 2026, representing a 16% increase from the corresponding period in 2025. Growth accelerated in the third quarter, with revenue rising 29% to MAD764 million ($78.3 million), following a 20% increase in the second quarter.

The group attributed its performance to growth across all business categories, driven by new product launches in hygiene, improved sardine availability, strong demand from American consumers and the return of its Aïn Ifrane plant to full production capacity.

Mutandis said all its business categories recorded double-digit growth in both revenue and volumes during the period. The strong third-quarter performance, it added, reinforced management’s confidence in achieving its full-year guidance.

Hygiene and beverages divisions sustain growth

Mutandis’s hygiene division generated revenue of 632 million dirhams in the first nine months of 2026, up 10% from a year earlier. Revenue and volumes both increased by 10%, supported by a new generation of powder and liquid products launched towards the end of the first quarter.

The division recorded stronger momentum in the third quarter, with revenue rising 22% and volumes increasing 19%.

The beverages category contributed 237 million dirhams, an increase of 23%, while volumes grew 30%. The improvement reflected the gradual normalisation of operations at the Aïn Ifrane plant, which had experienced production interruptions in the first quarter of 2025 and has since returned to full capacity.

However, fruit-based beverages recorded a slight decline amid unfavourable weather, intense promotional activity in the soft drinks market and a maintenance shutdown during the third quarter.

Seafood business benefits from stronger demand

The worldwide seafood division remained Mutandis’s largest revenue contributor, generating 856 million dirhams in the nine months to September, up 18% year on year.

Improved sardine availability supported higher canned seafood production, with the number of cans produced increasing 27% and revenue rising 52% during the period.

In the United States, Season recorded a 10% increase in revenue for the nine months, accelerating to 26% growth in the third quarter. Mutandis described the period as a historical sales record for Season, supported by exceptionally strong consumer demand.

Anny, its seafood brand in Africa and Europe, also delivered growth, with sales increasing 27% by September.

Enosis acquisition adds strategic dimension

The latest performance comes as Mutandis pursues a proposed acquisition of a majority stake in Enosis, a Moroccan home-hygiene producer whose brands include Mio and Zen.

The companies have signed a letter of intent valuing Enosis at 1.7 billion dirhams for its entire equity, with the transaction expected to contribute approximately 150 million dirhams in annual EBITDA before synergies. Completion remains subject to Competition Council approval and a preliminary audit.

The proposed deal would strengthen Mutandis’s position in personal and home hygiene while expanding its manufacturing and export capacity.

Capital expenditure and debt

Mutandis reported capital expenditure of 81 million dirhams as of September 2026. Net debt stood at 949 million dirhams on September 30, compared with 828 million dirhams at the end of December 2025.

The group attributed most of the increase to inventory replenishment in the United States.