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Med Paper

MDP · Bourse de Casablanca · Company statements

On this page
Company details
Legal name
MED PAPER SA
Listing
MDP on the Bourse de Casablanca, active · ISIN MA0000012593 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

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

Read with these figures

  • Qualified audit opinion. FY2025: The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Details below.
  • Auditor's emphasis of matter. Autres points: without qualifying further, the auditors note delays in paying some supplier debts and instalments of financing debts; management confirms they will be absorbed and do not call the bank agreements into question (p14).
Full wording and sources

  • Auditor's report, year to 2025-12-31: 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: (1) charges re-invoiced in 2010 to a former shareholder for DH 4,3 million are disputed by it; it claims repayment of a DH 0,9 million advance and its current account of DH 2 million; the board decided in 2017 to waive the DH 4,3 million receivable, negotiations to offset it against the DH 2,9 million debt continue and both are kept in the accounts; the auditors cannot tell what will become of these amounts; (2) a March 2023 agreement with the tax administration to settle tax arrears by March 2025 was not respected; the auditors cannot tell the final outcome; (3) a CNSS (social security) settlement revised in January 2025 (debt KMAD 10 888, penalty remission KMAD 4 034 subject to monthly payments to January 2030): outcome unknown; late-payment penalties of KMAD 2 318 were capitalised as immobilisations en non-valeur, which the auditors consider should not be deferred charges; (4) a MMAD 2 debit by a bank in 2025, recorded by the company as a reduction of its debt to that bank, lacks sufficient evidence; the auditors cannot conclude on its accounting (PDF pp11-12).

    Source: MED PAPER — Rapport Financier Annuel 2025, p11 (dated 2026-03-30)

  • Auditor's emphasis of matter

    Autres points: without qualifying further, the auditors note delays in paying some supplier debts and instalments of financing debts; management confirms they will be absorbed and do not call the bank agreements into question (p14).

    Source: MED PAPER — Rapport Financier Annuel 2025 (dated 2026-03-30)

  • Revenue

    MAD 88.4 million

    88,408,885.33 MAD units · p39

    −16.3% vs 2024

  • Operating profit / (loss)

    −MAD 10.4 million

    (10,355,525.86) MAD units · p39

    Moved from profit to loss (FY2024: 6.199.680,89 MAD units)

  • Profit / (loss) for the year

    MAD 6.71 million

    6,713,105.5 MAD units · p40

    −15.9% vs 2024

  • Total assets

    MAD 339 million

    338,860,655.46 MAD units · p37

    −4.1% vs 2024

  • Total equity

    MAD 41.1 million

    41,145,968.11 MAD units · p38

    +19.5% 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

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, MAD units. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
PRODUITS D'EXPLOITATION1 78,719,037.49 101,768,463.80
Chiffres d'affaires 88,408,885.33 105,563,865.54
Variation de stocks de produits (1)2 (9,689,847.84) (3,795,401.74)
CHARGES D'EXPLOITATION3 89,074,563.35 95,568,782.91
Achats consommés(2) de matières et fournitures4 47,288,437.74 52,815,142.62
Autres charges externes5 12,900,928.94 12,510,812.25
Impôts et taxes6 940,856.63 784,960.48
Charges de personnel 22,149,334.06 23,919,353.88
Dotations d'exploitation7 5,795,005.98 5,538,513.68
RESULTAT D'EXPLOITATION (I-II) (10,355,525.86) 6,199,680.89
PRODUITS FINANCIERS 6,833.75 43,826.02
CHARGES FINANCIERES (4,787,822.16) (3,318,523.68)
RESULTAT FINANCIER (IV-V)8 (4,780,988.41) (3,274,697.66)
RESULTAT COURANT (III+VI)9 (15,136,514.27) 2,924,983.23
PRODUITS NON COURANTS10 22,217,563.51 5,418,500.68
CHARGES NON COURANTES11 (91,359.74) (80,757.27)
RESULTAT NON COURANT (VIII-IX)12 22,126,203.77 5,337,743.41
RESULTAT AVANT IMPOTS (VII+X) 6,989,689.50 8,262,726.64
IMPOTS SUR LES RESULTATS (276,584.00) (277,495.00)
RESULTAT NET (XI-XII) 6,713,105.50 7,985,231.64
Notes and alternative reported figures (12)
  1. “PRODUITS D'EXPLOITATION” is an issuer-specific line, not mapped to a shared definition: Printed total of operating income.
  2. “Variation de stocks de produits (1)” is an issuer-specific line, not mapped to a shared definition: Change in stocks of products (negative: a decrease).
  3. “CHARGES D'EXPLOITATION” is an issuer-specific line, not mapped to a shared definition: Printed total of operating charges (positive amounts).
  4. “Achats consommés(2) de matières et fournitures” is an issuer-specific line, not mapped to a shared definition: Raw materials and supplies consumed.
  5. “Autres charges externes” is an issuer-specific line, not mapped to a shared definition: Other external charges.
  6. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax.
  7. “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provision charges.
  8. “RESULTAT FINANCIER (IV-V)” is an issuer-specific line, not mapped to a shared definition: Financial income less financial charges.
  9. “RESULTAT COURANT (III+VI)” is an issuer-specific line, not mapped to a shared definition: Operating result plus financial result.
  10. “PRODUITS NON COURANTS” is an issuer-specific line, not mapped to a shared definition: Printed total of non-current income.
  11. “CHARGES NON COURANTES” is an issuer-specific line, not mapped to a shared definition: Printed total of non-current charges.
  12. “RESULTAT NON COURANT (VIII-IX)” is an issuer-specific line, not mapped to a shared definition: Non-current income less non-current charges.

Balance sheet

Balance sheet, MAD units. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Immobilisations en non valeurs→[A]1 2,130,187.73 86,400.03
Immobilisations incorporelles→ [B] 65,987,742.00 65,987,742.00
Immobilisations corporelles →[C] 94,681,624.08 100,201,542.54
Immobilisations financières→[D]2 1,637,824.76 1,637,824.76
TOTAL (A+B+C+D+E) 164,437,378.57 167,913,509.33
Stocks→[F] 40,430,699.08 50,681,053.06
Créances de l'actif circulant→[G]3 133,241,879.23 133,968,616.13
Ecarts de conversion actif→ [I]|Eléments circulants4 118,773.92 Not reported in this filing5
TOTAL II (F+G+H+I) 173,791,352.23 184,649,669.19
Trésorerie-Actif 631,924.66 762,389.68
TOTAL GENERAL I+II+III 338,860,655.46 353,325,568.20
Capital social ou personnel (1) 47,838,230.00 47,838,230.00
Réserve légale6 0.46 0.46
Report à nouveau (2) (13,405,367.85) (21,390,599.49)
Résultat net de l'exercice (2)7 6,713,105.50 7,985,231.64
Total des capitaux propres (A) 41,145,968.11 34,432,862.61
Dettes de financement (C) 97,830,543.27 125,943,411.37
TOTAL I (A+B+C+D+E)8 138,976,511.38 160,376,273.98
Dettes du passif circulant (F)9 129,502,837.45 124,525,806.11
Autres provisions pour risques et charges (G)10 116,225.52 Not reported in this filing11
Ecarts de conversion - passif (Eléments circulants) (H)12 113,154.06 Not reported in this filing13
TOTAL II (F+G+H) 129,732,217.03 124,525,806.11
TRESORERIE PASSIF 70,151,927.05 68,423,488.11
TOTAL GENERAL I+II+III 338,860,655.46 353,325,568.20
Notes and alternative reported figures (13)
  1. “Immobilisations en non valeurs→[A]” is an issuer-specific line, not mapped to a shared definition: Deferred charges (CGNC 'immobilisations en non valeurs'), net.
  2. “Immobilisations financières→[D]” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets, net.
  3. “Créances de l'actif circulant→[G]” is an issuer-specific line, not mapped to a shared definition: Current receivables (trade, staff, state, other debtors, prepayments), net.
  4. “Ecarts de conversion actif→ [I]|Eléments circulants” is an issuer-specific line, not mapped to a shared definition: Unrealised exchange losses on current items.
  5. Not reported in this filing: Not printed for 2024: the line 'Ecarts de conversion actif→ [I]|Eléments circulants' carries a 2025 amount (118.773,92) only; the 2024 column is left blank (p37, checked on the page image).
  6. “Réserve légale” is an issuer-specific line, not mapped to a shared definition: Legal reserve.
  7. “Résultat net de l'exercice (2)” is an issuer-specific line, not mapped to a shared definition: The year's net result shown within equity.
  8. “TOTAL I (A+B+C+D+E)” is an issuer-specific line, not mapped to a shared definition: Equity, financing debts and durable provisions (CGNC financement permanent).
  9. “Dettes du passif circulant (F)” is an issuer-specific line, not mapped to a shared definition: Trade, staff, social, state, associates and other current payables.
  10. “Autres provisions pour risques et charges (G)” is an issuer-specific line, not mapped to a shared definition: Current provisions for risks and charges.
  11. Not reported in this filing: Not printed for 2024: the line 'Autres provisions pour risques et charges (G)' carries a 2025 amount (116.225,52) only; the 2024 column is left blank (p38, checked on the page image).
  12. “Ecarts de conversion - passif (Eléments circulants) (H)” is an issuer-specific line, not mapped to a shared definition: Unrealised exchange gains on current items.
  13. Not reported in this filing: Not printed for 2024: the line 'Ecarts de conversion - passif (Eléments circulants) (H)' carries a 2025 amount (113.154,06) only; the 2024 column is left blank (p38, checked on the page image).

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.

  • MED PAPER — Rapport Financier Annuel 2025

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

    Audit: ADLES Consulting (H. El Mardi); OURTASSI Audit & Conseil (L. Ourtassi), qualified opinion · signed

    Auditor's sign-off: ADLES Consulting, H. El Mardi; OURTASSI Audit & Conseil, L. Ourtassi

    Final status: The commissaires aux comptes' 'Rapport général' on the états de synthèse for the year ended 31 December 2025 (PDF pp10-17, image insert) gives a qualified opinion, is dated 'Tanger, le 30 Mars 2026' and is signed over stamps: ADLES Consulting (H. El Mardi, Associée) and OURTASSI Audit & Conseil (L. Ourtassi, Associée) (page image p17); pages are initialled. The management report was approved by the Conseil d'Administration on 30 March 2026 (auditors' report, p14).

    Document date
    30 Mar 2026
    Auditor's report
    30 Mar 2026
    Board approval
    date not found in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    company statements · MAD units (printed “Not printed on the statement pages: amounts in dirhams with centimes (the auditors' report states DH 41 145 968 of equity, p11)”)
    • Fondement de l'opinion avec réserve: (1) charges re-invoiced in 2010 to a former shareholder for DH 4,3 million are disputed by it; it claims repayment of a DH 0,9 million advance and its current account of DH 2 million; the board decided in 2017 to waive the DH 4,3 million receivable, negotiations to offset it against the DH 2,9 million debt continue and both are kept in the accounts; the auditors cannot tell what will become of these amounts; (2) a March 2023 agreement with the tax administration to settle tax arrears by March 2025 was not respected; the auditors cannot tell the final outcome; (3) a CNSS (social security) settlement revised in January 2025 (debt KMAD 10 888, penalty remission KMAD 4 034 subject to monthly payments to January 2030): outcome unknown; late-payment penalties of KMAD 2 318 were capitalised as immobilisations en non-valeur, which the auditors consider should not be deferred charges; (4) a MMAD 2 debit by a bank in 2025, recorded by the company as a reduction of its debt to that bank, lacks sufficient evidence; the auditors cannot conclude on its accounting (PDF pp11-12).
    • CGNC statements: charges are printed as positive amounts; the compte de produits et charges splits each line between operations of the year and of prior years (2025: 2 953 761,74 of prior-year operating charges); the totals column is transcribed. The bilan actif prints gross, amortisation and net; the net columns are transcribed.
    • Company (social) statements only; the document prints no consolidated statements (titres de participation 101 500,00, p37).
    Technical details
    File
    84 pages, with a text layer
    SHA-256
    1c38089c7767c9d8d14d2f040bf10b7abd5ba07a97b431ff1e10c044e560e6b7
    Entity as printed
    MED PAPER SA, Tanger
    Regulator copy
    retrieved 2026-10-08T18:32:49Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (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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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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