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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text of the page image; matched to OCR text and compared cell by cell with the page image; read from the page image) (16 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Cartier Saada

CRS · Bourse de Casablanca · Company statements

On this page
Company details
Legal name
Cartier Saada S.A.
Listing
CRS on the Bourse de Casablanca, active · ISIN MA0000011868 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 March

Overview

Year ended 31 March 2025 · annual report, signed / final · source

Read with these figures

  • Qualified audit opinion. FY to 31 Mar 2025: Basis: Fondement de l'opinion avec réserve (PDF p65). Details below.
Full wording and sources

  • Auditor's report, year to 2025-03-31: qualified opinion ('except for')

    The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. The auditors (Dami & associés and Directs Conseils Maroc) gave a qualified opinion on CARTIER SAADA S.A.'s financial statements for the year ended 31 March 2025. Subject to one matter, they certify the statements as regular and fair. The matter: the company buys almost all of its raw materials from farmers who do not provide tax identification, and these purchases are supported only by delivery notes, weighing slips and other internal documents. The auditors do not state an amount. Figures are shown as published. (auditor's report, PDF p65; verified on the page images 2026-10-08)

    Source: Cartier Saada — Rapport financier annuel, exercice clos au 31/03/2025, p65 (dated 2025-07-04)

  • Auditor's report, year to 2024-03-31: qualified opinion ('except for')

    The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. Fondement de l'opinion avec réserve: the company buys almost all of its raw materials from farmers who do not justify their tax identification; these purchases are supported by delivery notes, weighing slips and other documents under a written procedure the company says matches sector practice. No amount is stated. (PDF p60)

    Source: Cartier Saada — Rapport financier annuel, exercice clos au 31/03/2024, p60 (dated 2024-07-10)

  • Revenue

    MAD 297 million

    296,694,031.26 MAD units · p33

    +17.1% vs 2024

  • Operating profit / (loss)

    MAD 16.9 million

    16,946,033.61 MAD units · p33

    +18.8% vs 2024

  • Profit / (loss) for the year

    MAD 5.74 million

    5,736,516.56 MAD units · p34

    −27.7% vs 2024

  • Total assets

    MAD 414 million

    413,845,248.21 MAD units · p31

    +11.0% vs 2024

  • Total equity

    MAD 152 million

    152,299,965.73 MAD units · p32

    +3.9% vs 2024

  • Cash from operations

    Not reported in this filing

Large amounts are rounded for reading (MAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD units unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 31 Mar 2025 — annual report, signed / final; reported for the year · source
  • FY to 31 Mar 2024 — annual report, signed / final; comparative in the FY to 31 Mar 2025 filing · source
    • Auditor's report, year to 2024-03-31: qualified opinion ('except for'). The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. Fondement de l'opinion avec réserve: the company buys almost all of its raw materials from farmers who do not justify their tax identification; these purchases are supported by delivery notes, weighing slips and other documents under a written procedure the company says matches sector practice. No amount is stated. (PDF p60)
  • FY to 31 Mar 2023 — annual report, signed / final; comparative in the FY to 31 Mar 2024 filing · source

Income statement

Income statement, MAD units. Columns: FY to 31 Mar 2025 — annual report (signed / final), as reported for the year; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY to 31 Mar 2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY to 31 Mar 2025Annual reportreported for the yearFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filingsource limitationsFY to 31 Mar 2023Annual reportcomparative in FY to 31 Mar 2024 filing
Ventes de marchandises1 15,083,327.24 9,551,534.37 4,960,477.80
Ventes de biens et services produits2 281,610,704.02 243,884,085.56 239,935,826.82
Chiffres d'affaires 296,694,031.26 253,435,619.93 244,896,304.62
Variation de stock de produits3 29,050,232.55 44,441,328.05 13,838,981.76
Reprises d'exploitation; transfert de charges4 0.00 142,302.52 8,637,713.04
TOTAL 156 325,744,263.81 298,019,250.50 267,372,999.42
Achats revendus de marchandises7 (14,209,756.12) (9,275,720.79) (4,606,606.75)
Achat consommes de matières et de fournitures8 (240,696,721.88) (224,088,653.52) (196,846,255.03)
Autres charges externes9 (26,836,448.89) (23,712,321.60) (25,745,173.09)
Impôts et taxes10 (655,844.73) (993,101.85) (891,597.77)
Charges de personnel (19,437,187.20) (19,069,278.64) (20,803,438.39)
Autres charges d'exploitation11 (195,000.00) (130,000.00) (170,319.51)
Dotations d'exploitation12 (6,767,271.38) (6,491,560.78) (7,746,244.33)
TOTAL I|1314 (308,798,230.20) (283,760,637.18) (256,809,634.87)
RESULTAT D'EXPLOITATION (I - II )15 16,946,033.61 14,258,613.32 10,563,364.55
Produits des titres de partic. et autres titres immo.16 9,350.00 9,350.00 9,350.00
Gains de change17 882,111.30 1,371,963.81 2,767,391.16
Reprises financières; transfert de charges18 47,069.25 775,738.70 11,476.31
TOTAL IV19 938,530.55 2,157,052.51 2,788,217.47
Charges d'intérêts20 (10,074,835.14) (7,735,687.26) (6,134,491.74)
Pertes de changes21 (2,980,630.51) (1,768,446.33) (5,240,217.05)
Dotations financières22 (218,986.25) (174,770.16) (188,784.03)
TOTAL V23 (13,274,451.90) (9,678,903.75) (11,563,492.82)
RESULTAT FINANCIER ( IV - V )2425 (12,335,921.35) (7,521,851.24) (8,775,275.35)
RESULTAT COURANT (III - V I)2627 4,610,112.26 6,736,762.08 1,788,089.20
Produits des cessions d'immobilisations28 2,941,219.55 133,333.33 41,666.66
Subventions d'équilibre29 201,250.00 109,070.26 428,287.29
Reprises sur subventions d'investissement30 1,129,213.65 1,159,921.49 1,165,449.19
Autres produits non courants31 433,492.09 471,485.49 256,925.84
Reprises non courantes; transferts de charges32 109,684.29 0.00 0.00
TOTAL VIII33 4,814,859.58 1,873,810.57 1,892,328.98
Valeurs nettes d'amortis. des immos cédées34 (2,930,219.55) 0.00 0.00
Autres charges non courantes35 (3,615.73) (38,314.04) (123,824.38)
TOTAL IX36 (2,933,835.28) (38,314.04) (123,824.38)
IRESULTAT NON COURANT ( VIII- IV )3738 1,881,024.30 1,835,496.53 1,768,504.60
RESULTAT AVANT IMPOTS ( VII+ X) 6,491,136.56 8,572,258.61 3,556,593.80
IMPOTS SUR LES RESULTATS (754,620.00) (641,727.00) (1,244,585.00)
RESULTAT NET ( XI - XII )39 5,736,516.56 7,930,531.61 2,312,008.80
Notes and alternative reported figures (39)
  1. “Ventes de marchandises” is an issuer-specific line, not mapped to a shared definition: Sales of goods for resale.
  2. “Ventes de biens et services produits” is an issuer-specific line, not mapped to a shared definition: Sales of produced goods and services.
  3. “Variation de stock de produits” is an issuer-specific line, not mapped to a shared definition: Change in inventories of produced goods (sign as printed).
  4. “Reprises d'exploitation; transfert de charges” is an issuer-specific line, not mapped to a shared definition: Operating reversals and charges transferred.
  5. “TOTAL 1” is an issuer-specific line, not mapped to a shared definition: Total operating income.
  6. Printed under different labels across filings: “TOTAL 1”; “TOTAL I”.
  7. “Achats revendus de marchandises” is an issuer-specific line, not mapped to a shared definition: Cost of goods for resale (printed positive; deducted).
  8. “Achat consommes de matières et de fournitures” is an issuer-specific line, not mapped to a shared definition: Raw materials and supplies consumed (printed positive; deducted).
  9. “Autres charges externes” is an issuer-specific line, not mapped to a shared definition: Other external charges (printed positive; deducted).
  10. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax (printed positive; deducted).
  11. “Autres charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Other operating charges (printed positive; deducted).
  12. “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provision charges (printed positive; deducted).
  13. “TOTAL I|” is an issuer-specific line, not mapped to a shared definition: Total operating charges (printed positive; deducted).
  14. Printed under different labels across filings: “TOTAL II”; “TOTAL I|”.
  15. Printed under different labels across filings: “RESULTAT D'EXPLOITATION (I - II )”; “RESULTAT D'EXPLOITATION (I - II)”.
  16. “Produits des titres de partic. et autres titres immo.” is an issuer-specific line, not mapped to a shared definition: Income from equity investments.
  17. “Gains de change” is an issuer-specific line, not mapped to a shared definition: Exchange gains.
  18. “Reprises financières; transfert de charges” is an issuer-specific line, not mapped to a shared definition: Financial reversals and charges transferred.
  19. “TOTAL IV”: mapping to a shared definition is uncertain. Total financial income (Total IV), including exchange gains and reversals.
  20. “Charges d'intérêts” is an issuer-specific line, not mapped to a shared definition: Interest charges (printed positive; deducted).
  21. “Pertes de changes” is an issuer-specific line, not mapped to a shared definition: Exchange losses (printed positive; deducted).
  22. “Dotations financières” is an issuer-specific line, not mapped to a shared definition: Financial provision charges (printed positive; deducted).
  23. “TOTAL V”: mapping to a shared definition is uncertain. Total financial charges (Total V), including exchange losses and provisions.
  24. “RESULTAT FINANCIER ( IV - V )” is an issuer-specific line, not mapped to a shared definition: Financial income less financial charges.
  25. Printed under different labels across filings: “RESULTAT FINANCIER ( IV - V )”; “RESULTAT FINANCIER ( IV - V)”.
  26. “RESULTAT COURANT (III - V I)” is an issuer-specific line, not mapped to a shared definition: Operating result plus financial result.
  27. Printed under different labels across filings: “RESULTAT COURANT (III - V I)”; “RESULTAT COURANT (III - VI)”.
  28. “Produits des cessions d'immobilisations” is an issuer-specific line, not mapped to a shared definition: Non-current: proceeds from disposals of fixed assets.
  29. “Subventions d'équilibre” is an issuer-specific line, not mapped to a shared definition: Non-current: equilibrium subsidies received.
  30. “Reprises sur subventions d'investissement” is an issuer-specific line, not mapped to a shared definition: Non-current: release of investment subsidies.
  31. “Autres produits non courants” is an issuer-specific line, not mapped to a shared definition: Other non-current income.
  32. “Reprises non courantes; transferts de charges” is an issuer-specific line, not mapped to a shared definition: Non-current reversals.
  33. “TOTAL VIII” is an issuer-specific line, not mapped to a shared definition: Total non-current income.
  34. “Valeurs nettes d'amortis. des immos cédées” is an issuer-specific line, not mapped to a shared definition: Non-current: net book value of disposed assets (printed positive; deducted).
  35. “Autres charges non courantes” is an issuer-specific line, not mapped to a shared definition: Other non-current charges (printed positive; deducted).
  36. “TOTAL IX” is an issuer-specific line, not mapped to a shared definition: Total non-current charges (printed positive; deducted).
  37. “IRESULTAT NON COURANT ( VIII- IV )” is an issuer-specific line, not mapped to a shared definition: Non-current income less non-current charges.
  38. Printed under different labels across filings: “IRESULTAT NON COURANT ( VIII- IV )”; “RESULTAT NON COURANT (VII- V)”.
  39. Printed under different labels across filings: “RESULTAT NET ( XI - XII )”; “RESULTAT NET (XI-XII)”.

Balance sheet

Balance sheet, MAD units. Columns: FY to 31 Mar 2025 — annual report (signed / final), as reported for the year; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY to 31 Mar 2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY to 31 Mar 2025Annual reportreported for the yearFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filingsource limitationsFY to 31 Mar 2023Annual reportcomparative in FY to 31 Mar 2024 filing
IMMOBILISATION EN NON VALEUR ( a )1 8,710,689.75 2,355,043.51 2,069,883.12
IMMOBILISATIONS INCORPORELLES (b) 7,075.60 19,651.20 41,476.80
IMMOBILISATIONS CORPORELLES ( c ) 134,808,781.14 137,993,269.51 137,988,530.04
IMMOBILISATIONS FINANCIERES (d)2 329,054.48 329,054.48 325,054.48
ECARTS DE CONVERSION - ACTIF ( e )34 0.00 0.00 0.00
TOTAL 1 (a+b+c+d+e)|5 143,855,600.97 140,697,018.70 140,424,944.44
STOCKS (f) 185,385,916.28 153,939,865.00 113,229,965.10
Fournisseurs débiteurs, avances et acomptes6 1,616,784.84 6,284,455.54 2,280,771.60
Clients et comptes rattachés7 72,313,972.54 67,519,567.44 49,677,756.61
Personnel8 47,100.00 39,800.00 125,300.00
Etat9 8,409,280.10 3,220,891.27 4,125,996.94
Comptes de régularisation actif10 522,072.86 408,408.12 386,338.95
CREANCES DE L'ACTIF CIRCULANT (g)11 82,909,210.34 77,473,122.37 56,596,164.10
TITRES ET VALEURS DE PLACEMENT (h)12 0.00 0.00 0.00
ECART DE CONVERSION - ACTIF (i) (Elém. Circul.)13 218,980.65 109,684.29 188,784.03
TOTAL II (f+g+h+i)14 268,514,107.27 231,522,671.66 170,014,913.23
TRESORERIE - ACTIF 1,475,539.97 567,377.06 3,759,224.70
TOTAL GENERAL 413,845,248.21 372,787,067.42 314,199,082.37
Capital social ou personnel (1) 52,650,000.00 52,650,000.00 52,650,000.00
Prime d'emission, de fusion, d'apport 2,606,640.90 2,606,640.90 2,606,640.90
Ecarts de reévaluation 74,672,000.00 74,672,000.00 74,672,000.00
Réserve légale15 5,265,000.00 5,265,000.00 5,265,000.00
Autres reserves16 0.00 0.00 0.00
Report à nouveau (2)17 11,369,808.27 3,439,276.66 1,127,267.86
Résultat net en instance d'affectation (2)18 0.00 0.00 0.00
Résultat net de l'exercice (2)19 5,736,516.56 7,930,531.61 2,312,008.80
TOTAL DES CAPITAUX PROPRES ( a )20 152,299,965.73 146,563,449.17 138,632,917.56
CAPITAUX PROPRES ASSIMILES (b)21 3,134,865.15 4,264,078.80 5,424,000.29
Subventions d'investissement22 3,134,865.15 4,264,078.80 5,424,000.29
Provisions réglementées23 0.00 0.00 0.00
Autres dettes de financement 26,657,818.07 33,917,944.50 38,062,560.56
DETTES DE FINANCEMENT (c)24 26,657,818.07 33,917,944.50 38,062,560.56
TOTAL 1 (a+b+ c+ d+ e)2526 182,092,648.95 184,745,472.47 182,119,478.41
Fournisseurs et comptes rattachés2728 47,119,427.48 33,055,273.14 28,035,815.59
Clients créditeurs, avances et acomptes2930 362,028.15 55,745.29 266,056.23
Organismes sociaux31 600,428.40 528,549.23 575,256.53
Etat32 253,353.93 95,772.83 100,424.96
Comptes d'associés33 357,637.08 291,137.08 256,137.08
Comptes de regularisation - passif34 2,174,752.81 3,055,929.18 2,315,735.47
DETTES DU PASSIF CIRCULANT (f)35 50,867,627.85 37,082,406.75 31,549,425.86
AUTRES PROVISIONS POUR RISQUES ET CHARGES (g) 218,986.25 109,684.29 188,784.03
ECARTS DE CONVERSION - PASSIF (h) (Elem. Circul.)36 395,720.49 77,818.47 262,243.84
TOTAL II (f+ g+h)3738 51,482,334.59 37,269,909.51 32,000,453.73
Crédits d'escompte3940 19,102,278.67 28,002,170.68 17,171,723.24
Crédit de trésorerie41 148,049,836.81 113,944,789.03 80,115,000.00
Banques (soldes créditeurs)42 13,118,149.19 8,824,725.73 2,792,426.99
TRESORERIE PASSIF4344 180,270,264.67 150,771,685.44 100,079,150.23
TOTAL I+||+|||45 413,845,248.21 372,787,067.42 314,199,082.37
Notes and alternative reported figures (45)
  1. “IMMOBILISATION EN NON VALEUR ( a )” is an issuer-specific line, not mapped to a shared definition: Capitalised preliminary and deferred expenses (CGNC 'non-valeurs'), net.
  2. “IMMOBILISATIONS FINANCIERES (d)” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets, net.
  3. “ECARTS DE CONVERSION - ACTIF ( e )” is an issuer-specific line, not mapped to a shared definition: Unrealised exchange differences on fixed items (assets).
  4. Printed under different labels across filings: “ECARTS DE CONVERSION - ACTIF ( e )”; “ECARTS DE CONVERSION - ACTIF (e )”.
  5. Printed under different labels across filings: “TOTAL 1 (a+b+c+d+e)|”; “TOTAL I (a+b+c+d+e)”.
  6. “Fournisseurs débiteurs, avances et acomptes” is an issuer-specific line, not mapped to a shared definition: Advances paid to suppliers.
  7. “Clients et comptes rattachés”: mapping to a shared definition is uncertain. Trade receivables (net of 6 506 018,60 provisions); other receivables are printed separately.
  8. “Personnel” is an issuer-specific line, not mapped to a shared definition: Amounts due from staff.
  9. “Etat” is an issuer-specific line, not mapped to a shared definition: Amounts due from the State.
  10. “Comptes de régularisation actif” is an issuer-specific line, not mapped to a shared definition: Accruals and prepayments (assets).
  11. “CREANCES DE L'ACTIF CIRCULANT (g)” is an issuer-specific line, not mapped to a shared definition: Current receivables, net (suppliers' advances, customers, staff, State, partners, other debtors, accruals).
  12. “TITRES ET VALEURS DE PLACEMENT (h)” is an issuer-specific line, not mapped to a shared definition: Marketable securities (0,00 in both years).
  13. “ECART DE CONVERSION - ACTIF (i) (Elém. Circul.)” is an issuer-specific line, not mapped to a shared definition: Unrealised exchange differences on current items (assets).
  14. “TOTAL II (f+g+h+i)” is an issuer-specific line, not mapped to a shared definition: Current assets excluding treasury (trésorerie-actif printed separately).
  15. “Réserve légale” is an issuer-specific line, not mapped to a shared definition: Legal reserve.
  16. “Autres reserves” is an issuer-specific line, not mapped to a shared definition: Other reserves (0,00 in both years).
  17. “Report à nouveau (2)”: mapping to a shared definition is uncertain. Retained earnings brought forward (report à nouveau); the year's result is printed separately.
  18. “Résultat net en instance d'affectation (2)” is an issuer-specific line, not mapped to a shared definition: Result awaiting allocation (0,00 in both years).
  19. “Résultat net de l'exercice (2)” is an issuer-specific line, not mapped to a shared definition: The year's net result within equity.
  20. Printed under different labels across filings: “TOTAL DES CAPITAUX PROPRES ( a )”; “TOTAL DES CAPITAUX PROPRES (a)”.
  21. “CAPITAUX PROPRES ASSIMILES (b)” is an issuer-specific line, not mapped to a shared definition: Quasi-equity: investment subsidies and regulated provisions.
  22. “Subventions d'investissement” is an issuer-specific line, not mapped to a shared definition: Investment subsidies (within quasi-equity).
  23. “Provisions réglementées” is an issuer-specific line, not mapped to a shared definition: Regulated provisions (0,00 in both years).
  24. “DETTES DE FINANCEMENT (c)” is an issuer-specific line, not mapped to a shared definition: Long-term financing debts.
  25. “TOTAL 1 (a+b+ c+ d+ e)” is an issuer-specific line, not mapped to a shared definition: Permanent financing: equity, quasi-equity, financing debts, durable provisions and conversion differences.
  26. Printed under different labels across filings: “TOTAL 1 (a+b+ c+ d+ e)”; “TOTAL 1 (a+b+c+d+e)”.
  27. “Fournisseurs et comptes rattachés”: mapping to a shared definition is uncertain. Trade payables; other current liabilities are printed separately.
  28. Printed under different labels across filings: “Fournisseurs et comptes rattaché”; “Fournisseurs et comptes rattachés”.
  29. “Clients créditeurs, avances et acomptes” is an issuer-specific line, not mapped to a shared definition: Advances received from customers.
  30. Printed under different labels across filings: “Clients créditeurs, avances et acompte”; “Clients créditeurs, avances et acomptes”.
  31. “Organismes sociaux” is an issuer-specific line, not mapped to a shared definition: Amounts due to social bodies.
  32. “Etat” is an issuer-specific line, not mapped to a shared definition: Amounts due to the State.
  33. “Comptes d'associés” is an issuer-specific line, not mapped to a shared definition: Shareholders' current accounts (liabilities).
  34. “Comptes de regularisation - passif” is an issuer-specific line, not mapped to a shared definition: Accruals and deferred income (liabilities).
  35. “DETTES DU PASSIF CIRCULANT (f)” is an issuer-specific line, not mapped to a shared definition: Current operating liabilities (excluding provisions, conversion differences and treasury).
  36. “ECARTS DE CONVERSION - PASSIF (h) (Elem. Circul.)” is an issuer-specific line, not mapped to a shared definition: Unrealised exchange differences on current items (liabilities).
  37. “TOTAL II (f+ g+h)” is an issuer-specific line, not mapped to a shared definition: Current liabilities excluding treasury: dettes du passif circulant, other provisions and conversion differences.
  38. Printed under different labels across filings: “TOTAL II (f+ g+h)”; “TOTAL II (f+g+h)”.
  39. “Crédits d'escompte” is an issuer-specific line, not mapped to a shared definition: Discount credit (treasury liabilities).
  40. Printed under different labels across filings: “Crédis d'escompte”; “Crédits d'escompte”.
  41. “Crédit de trésorerie” is an issuer-specific line, not mapped to a shared definition: Short-term treasury credit (treasury liabilities).
  42. “Banques (soldes créditeurs)” is an issuer-specific line, not mapped to a shared definition: Bank overdrafts (treasury liabilities).
  43. “TRESORERIE PASSIF”: mapping to a shared definition is uncertain. Trésorerie-passif heading row printing the section total (discount credit, treasury credit and bank overdrafts; equal to the printed 'TOTAL III').
  44. Printed under different labels across filings: “TOTAL III”; “TRESORERIE PASSIF”.
  45. Printed under different labels across filings: “TOTAL I+||+|||”; “TOTAL ItII+!II”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Cartier Saada — Rapport financier annuel, exercice clos au 31/03/2025

    Year ended 31 March 2025 · Annual report · signed / final

    Audit: Dami & Associés SARL and Directs Conseils Maroc (commissaires aux comptes), qualified opinion · signed

    Auditor's sign-off: Dami & Associés SARL (Mohammed Dami, expert-comptable DPLE-France); Directs Conseils Maroc (Abdelouhab Laraki, expert-comptable diplômé)

    Final status: The commissaires aux comptes' general report on the company statements for the year from 1 April 2024 to 31 March 2025 is reproduced as scanned images (PDF pp65-67): qualified opinion ('sous réserve'; equity and quasi-equity 155 434 830,88 DH including net profit 5 736 516,56 DH, matching pp32 and 34), dated 'Fait à Casablanca, Le 04 juillet 2025' and signed by hand with stamps for Dami & Associés SARL (Mohammed Dami) and Directs Conseils Maroc (Abdelouhab Laraki) (page image p67). No board approval date is printed; the ETIC état C5 (p64) gives the 'date d'établissement des états de synthèse' as 26/05/25.

    Document date
    4 Jul 2025
    Auditor's report
    4 Jul 2025
    Board approval
    date not found in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Mar 2025, FY to 31 Mar 2024
    Basis
    company statements · MAD units (printed “dirhams with centimes (no unit caption; the auditors' report states amounts in DHS to the centime, matching)”)
    • The auditors (Dami & associés and Directs Conseils Maroc) gave a qualified opinion on CARTIER SAADA S.A.'s financial statements for the year ended 31 March 2025. Subject to one matter, they certify the statements as regular and fair. The matter: the company buys almost all of its raw materials from farmers who do not provide tax identification, and these purchases are supported only by delivery notes, weighing slips and other internal documents. The auditors do not state an amount. Figures are shown as published. (auditor's report, PDF p65; verified on the page images 2026-10-08)
    • Basis: Fondement de l'opinion avec réserve (PDF p65).
    • Opinion avec réserve (p65): the company buys almost all its raw materials from farmers who do not justify their tax identification; the purchases are supported by delivery notes, weighing slips and other documents under a written procedure.
    • CGNC presentation: 'Total II' of the actif excludes treasury (trésorerie-actif printed separately) and 'Total II' of the passif excludes treasury liabilities; 'Total I' of the passif is permanent financing. Charges are printed positive and deducted. The ETIC état C5 (p64) prints the closing date as '31/03/24' (the statements are at 31/03/2025).
    • Company statements only: the company publishes no consolidated statements. Fiscal year 1 April to 31 March.
    Technical details
    File
    71 pages, with a text layer
    SHA-256
    895d11707acddde7f40957012132497af22dc60ae16581bf225990c9a80ddf24
    Entity as printed
    STE CARTIER SAADA (Cartier Saada S.A., Marrakech)
    Regulator copy
    retrieved 2026-10-08T18:57:20Z

  • Cartier Saada — Rapport financier annuel, exercice clos au 31/03/2024

    Year ended 31 March 2024 · Annual report · signed / final

    Audit: Cabinet Dami & associés SARL and Directs Conseils Maroc SARL (commissaires aux comptes), qualified opinion · signed

    Auditor's sign-off: Cabinet Dami & associés SARL (Mohammed Dami); Directs Conseils Maroc SARL (Abdelouhab Laraki)

    Final status: The commissaires aux comptes' general report on the company statements for the year from 1 April 2023 to 31 March 2024 is reproduced as scanned images (PDF pp60-62): QUALIFIED opinion ('sous réserve'; capitaux propres et assimilés 150 827 527,97 DH including net profit 7 930 531,61 DH, matching pp28 and 30), dated 'Fait à Casablanca, Le 10 juillet 2024' with handwritten signatures and stamps for Cabinet Dami & associés SARL (Mohammed Dami) and Directs Conseils Maroc SARL (Abdelouhab Laraki) (page images p60 and p62). No board approval date is printed; the ETIC état C5 (p59) gives the 'date d'établissement des états de synthèse' as 26/05/23 (as printed; closing date 31/03/24).

    Document date
    10 Jul 2024
    Auditor's report
    10 Jul 2024
    Board approval
    date not found in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Mar 2023
    Basis
    company statements · MAD units (printed “dirhams with centimes (no unit caption; the auditors' report states amounts in DH to the centime, matching)”)
    • Fondement de l'opinion avec réserve: the company buys almost all of its raw materials from farmers who do not justify their tax identification; these purchases are supported by delivery notes, weighing slips and other documents under a written procedure the company says matches sector practice. No amount is stated. (PDF p60)
    • Basis: Fondement de l'opinion avec réserve (PDF p60).
    • Opinion avec réserve (p60): purchases of raw materials from farmers without tax identification, supported by internal documents. Same qualification as FY2025 (fin-r4-w04).
    • CGNC presentation: 'Total II' of the actif excludes treasury (trésorerie-actif printed separately) and 'Total II' of the passif excludes treasury liabilities; 'Total I' of the passif is permanent financing. Charges are printed positive and deducted. The ETIC état C5 (p59) prints the 'date d'établissement des états de synthèse' as '26/05/23', before the closing date 31/03/24 (apparently not updated).
    • Company statements only: the company publishes no consolidated statements (the section title p25 reads 'Comptes sociaux et comptes consolidés'). Fiscal year 1 April to 31 March.
    Technical details
    File
    65 pages, with a text layer
    SHA-256
    ea250295577d486ce4f0f31c931c75bbd6eca84686a1d9cebe5c0ee722c3c878
    Entity as printed
    STE CARTIER SAADA (CARTIER SAADA S.A., siège social Marrakech)
    Regulator copy
    retrieved 2026-10-08T19:13:59Z

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Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text of the page image; matched to OCR text and compared cell by cell with the page image; read from the page image) (16 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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