SMI stock reports 36 percent revenue growth in first half

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.