Done: Publication of 2010 annual results.
Analysis: likely impacted by lower demand from industrial customers, including ON SITE subsidiary fluid AKWA Group displays at the end of 2010 a turnover of M 208.2 MAD, (vs. our forecast of 212.8 million MAD) quasi stagnation compared to a year ago.
In a higher proportion and following good control of operating expenses, operating income of MAGHREB OXYGEN appreciated by 4.5% to MAD 30.5 million (vs. our forecast of M MAD 31.1), improving operating margin by 0.5 points to 14.6%. For its part, the net result of the company climbed 3.9% to MAD 18 million (vs. our forecast of M MAD 19.5), establishing the net margin to 8.6% against 8.4% a year before. Balance sheet side, OXYGEN MAGHREB this capital of MAD 180.8 million, up 2.9% from a year earlier, for a total balance of MAD 399.1 million (+1.8%) and net cash M MAD 5.9 (M MAD vs. -1.4 to end 2009).
Furthermore, the Board of Directors of MAGHREB OXYGEN decided to propose at the next Ordinary General Meeting to distribute a dividend of MAD 18 (cons MAD 16 to end 2009) under the year 2010, corresponding a pay-out of 81.25% (against 76% a year earlier) and a dividend yield of 7.1% on the basis of a price of MAD 253.8 dated 22/02/11.
In terms of outlook, the company intends to continue its policy of consolidating its fundamentals and also plans to expand its efforts in terms of optimization of operating expenses. In parallel, its subsidiary "SODEGIM (company created a joint venture with Air Liquide to achieve a unity mainly in MAGHREB SITE ON STEEL) should be operational during the current year.
Conclusion: The subsidiary fluid AKWA Group displays at the end of 2010 performance and a slight increase this in the context of a likely slowdown in customer demand industry. We maintain our recommendation to keep.
Analysis: likely impacted by lower demand from industrial customers, including ON SITE subsidiary fluid AKWA Group displays at the end of 2010 a turnover of M 208.2 MAD, (vs. our forecast of 212.8 million MAD) quasi stagnation compared to a year ago.
In a higher proportion and following good control of operating expenses, operating income of MAGHREB OXYGEN appreciated by 4.5% to MAD 30.5 million (vs. our forecast of M MAD 31.1), improving operating margin by 0.5 points to 14.6%. For its part, the net result of the company climbed 3.9% to MAD 18 million (vs. our forecast of M MAD 19.5), establishing the net margin to 8.6% against 8.4% a year before. Balance sheet side, OXYGEN MAGHREB this capital of MAD 180.8 million, up 2.9% from a year earlier, for a total balance of MAD 399.1 million (+1.8%) and net cash M MAD 5.9 (M MAD vs. -1.4 to end 2009).
Furthermore, the Board of Directors of MAGHREB OXYGEN decided to propose at the next Ordinary General Meeting to distribute a dividend of MAD 18 (cons MAD 16 to end 2009) under the year 2010, corresponding a pay-out of 81.25% (against 76% a year earlier) and a dividend yield of 7.1% on the basis of a price of MAD 253.8 dated 22/02/11.
In terms of outlook, the company intends to continue its policy of consolidating its fundamentals and also plans to expand its efforts in terms of optimization of operating expenses. In parallel, its subsidiary "SODEGIM (company created a joint venture with Air Liquide to achieve a unity mainly in MAGHREB SITE ON STEEL) should be operational during the current year.
Conclusion: The subsidiary fluid AKWA Group displays at the end of 2010 performance and a slight increase this in the context of a likely slowdown in customer demand industry. We maintain our recommendation to keep.
BMCE Capital Bourse
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