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SMI

SMI · Bourse de Casablanca · Company statements

On this page
Company details
Legal name
Société Métallurgique d'Imiter S.A.
Listing
SMI on the Bourse de Casablanca, active · ISIN MA0000010068 (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 · published summary of audited statements, final status not established · source

Read with these figures

  • Published summary of audited statements not confirmed as final. The published copy is not confirmed as the final version. The FY2025 figures come from it.
Full wording and sources

  • Published summary of audited statements for 2025: final status not established

    Bilan and compte de produits et charges published by SMI through the Casablanca exchange without ESG, tableau de financement or ETIC. The publication reproduces the commissaires aux comptes' general report on the full états de synthèse (which include those statements): unqualified, dated 'Casablanca, le 29 avril 2026', with handwritten signatures over the stamps of Fidaroc Grant Thornton (Faïçal Mekouar, Associé) and Forvis Mazars (Adnane Loukili, Associé) (PDF p2, page image). No auditor's report on this publication itself and no board approval date are printed.

    Source: SMI (Managem Group) — États financiers sociaux au 31 décembre 2025 (dated 2026-04-29)

  • 2025, 2024: figures from a published summary

    These columns come from a summary of the audited statements, not the full audited financial statements. The publication does not state that it was extracted from the full statements; it states 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem' (p1) and reproduces the auditors' report on the full états de synthèse (p2). No auditor's report on the publication itself is printed. It reproduces the 'Rapport général des commissaires aux comptes, exercice du 1er janvier au 31 décembre 2025' (p2) on the états de synthèse comprising the bilan, compte de produits et charges, état des soldes de gestion, tableau de financement and ETIC, stating equity and quasi-equity of 1.660.223.158,08 MAD including net profit of 397.108.594,01 MAD (matching p1), unqualified: 'Nous certifions que les états de synthèse cités au premier paragraphe ci-dessus sont réguliers et sincères et donnent, dans tous leurs aspects significatifs, une image fidèle du résultat des opérations de l'exercice écoulé ainsi que de la situation financière et du patrimoine de la Société Métallurgique d'Imiter S.A. au 31 décembre 2025'; no key audit matters; no observation paragraph; signed Fidaroc Grant Thornton and Forvis Mazars, Casablanca, 29 avril 2026 (p2). Company (sociaux) CGNC bilan actif (Brut, Amortissements et provisions, Net, Net N-1), bilan passif and compte de produits et charges (Propres à l'exercice, Concernant les exercices précédents, Totaux, Exercice précédent) on p1; no état des soldes de gestion, tableau de financement, ETIC or earnings per share. P1 states: 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem'. No consolidated statements are printed.

    Source: SMI (Managem Group) — États financiers sociaux au 31 décembre 2025 (dated 2026-04-29)

  • Revenue

    MAD 1.57 billion

    1,566,033,534.59 MAD units · p1

    +48.8% vs 2024

  • Operating profit / (loss)

    MAD 615 million

    615,038,857.65 MAD units · p1

    +135.6% vs 2024

  • Profit / (loss) for the year

    MAD 397 million

    397,108,594.01 MAD units · p1

    +112.7% vs 2024

  • Total assets

    MAD 2.12 billion

    2,124,285,899.79 MAD units · p1

    +21.8% vs 2024

  • Total equity

    MAD 1.66 billion

    1,660,223,158.08 MAD units · p1

    +19.0% 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 — published summary of audited statements (summary), final status not established; reported for the year · source
  • FY2024 — published summary of audited statements (summary), final status not established; comparative in the FY2025 filing · source
    • 2025, 2024: figures from a published summary. These columns come from a summary of the audited statements, not the full audited financial statements. The publication does not state that it was extracted from the full statements; it states 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem' (p1) and reproduces the auditors' report on the full états de synthèse (p2). No auditor's report on the publication itself is printed. It reproduces the 'Rapport général des commissaires aux comptes, exercice du 1er janvier au 31 décembre 2025' (p2) on the états de synthèse comprising the bilan, compte de produits et charges, état des soldes de gestion, tableau de financement and ETIC, stating equity and quasi-equity of 1.660.223.158,08 MAD including net profit of 397.108.594,01 MAD (matching p1), unqualified: 'Nous certifions que les états de synthèse cités au premier paragraphe ci-dessus sont réguliers et sincères et donnent, dans tous leurs aspects significatifs, une image fidèle du résultat des opérations de l'exercice écoulé ainsi que de la situation financière et du patrimoine de la Société Métallurgique d'Imiter S.A. au 31 décembre 2025'; no key audit matters; no observation paragraph; signed Fidaroc Grant Thornton and Forvis Mazars, Casablanca, 29 avril 2026 (p2). Company (sociaux) CGNC bilan actif (Brut, Amortissements et provisions, Net, Net N-1), bilan passif and compte de produits et charges (Propres à l'exercice, Concernant les exercices précédents, Totaux, Exercice précédent) on p1; no état des soldes de gestion, tableau de financement, ETIC or earnings per share. P1 states: 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem'. No consolidated statements are printed.

Income statement

Income statement, MAD units. Columns: FY2025 — published summary of audited statements (final status not established), as reported for the year; FY2024 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2025.
Line (as printed) FY2025Published summary of audited statements (summary)reported for the yearFY2024Published summary of audited statements (summary)comparative in FY2025 filingsource limitations
Ventes de biens et services produits1 1,566,033,534.59 1,052,712,641.87
Chiffres d’affaires 1,566,033,534.59 1,052,712,641.87
Variation de stocks de produits (1)2 (493,750.53) 20,700,057.95
Immobilisations produites par l’entreprise3 170,957,783.00 185,366,034.26
Reprises d’exploitation : transferts de charges4 7,240,584.58 7,694,482.92
Total I5 1,743,738,151.64 1,266,473,217.00
Achats consommés(2) de matières et6 (470,545,593.76) (455,649,364.42)
Autres charges externes7 (149,537,586.56) (112,221,341.35)
Impôts et taxes8 (5,706,947.54) (4,375,137.05)
Charges de personnel (246,656,081.45) (231,331,171.06)
Autres charges d’exploitation (620,000.00) (540,000.00)
Dotations d’exploitation9 (255,633,084.68) (201,343,583.78)
Total II10 (1,128,699,293.99) (1,005,460,597.66)
RÉSULTAT D’EXPLOITATION (I-II) 615,038,857.65 261,012,619.34
Total IV11 23,436,236.00 32,075,031.10
Total V12 (37,100,768.20) (16,987,075.15)
RESULTAT FINANCIER (IV-V)13 (13,664,532.20) 15,087,955.95
RESULTAT COURANT (III+VI)14 601,374,325.45 276,100,575.29
Total VIII15 36,776,610.73 35,552,340.73
Total IX16 (49,986,195.17) (47,595,056.12)
RÉSULTAT NON COURANT (VIII-IX)17 (13,209,584.44) (12,042,715.39)
RÉSULTAT AVANT IMPÔTS (VII+X) 588,164,741.01 264,057,859.90
IMPÔTS SUR LES RÉSULTATS (191,056,147.00) (77,338,199.00)
RÉSULTAT NET (XI-XII) 397,108,594.01 186,719,660.90
Notes and alternative reported figures (17)
  1. “Ventes de biens et services produits” is an issuer-specific line, not mapped to a shared definition: CGNC sales of goods and services produced.
  2. “Variation de stocks de produits (1)” is an issuer-specific line, not mapped to a shared definition: CGNC change in stocks of products.
  3. “Immobilisations produites par l’entreprise” is an issuer-specific line, not mapped to a shared definition: CGNC own work capitalised.
  4. “Reprises d’exploitation : transferts de charges” is an issuer-specific line, not mapped to a shared definition: CGNC.
  5. “Total I” is an issuer-specific line, not mapped to a shared definition: CGNC total operating income.
  6. “Achats consommés(2) de matières et” is an issuer-specific line, not mapped to a shared definition: CGNC purchases of materials and supplies less change in their stocks.
  7. “Autres charges externes” is an issuer-specific line, not mapped to a shared definition: CGNC.
  8. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: CGNC taxes other than income tax.
  9. “Dotations d’exploitation” is an issuer-specific line, not mapped to a shared definition: CGNC operating depreciation, amortisation and provisions.
  10. “Total II” is an issuer-specific line, not mapped to a shared definition: CGNC total operating charges (printed positive; stored as a deduction).
  11. “Total IV” is an issuer-specific line, not mapped to a shared definition: CGNC total financial income.
  12. “Total V” is an issuer-specific line, not mapped to a shared definition: CGNC total financial charges (printed positive; stored as a deduction).
  13. “RESULTAT FINANCIER (IV-V)” is an issuer-specific line, not mapped to a shared definition: CGNC financial income less financial charges.
  14. “RESULTAT COURANT (III+VI)” is an issuer-specific line, not mapped to a shared definition: CGNC operating plus financial result.
  15. “Total VIII” is an issuer-specific line, not mapped to a shared definition: CGNC.
  16. “Total IX” is an issuer-specific line, not mapped to a shared definition: CGNC (printed positive; stored as a deduction).
  17. “RÉSULTAT NON COURANT (VIII-IX)” is an issuer-specific line, not mapped to a shared definition: CGNC.

Balance sheet

Balance sheet, MAD units. Columns: FY2025 — published summary of audited statements (final status not established), as reported for the year; FY2024 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2025.
Line (as printed) FY2025Published summary of audited statements (summary)reported for the yearFY2024Published summary of audited statements (summary)comparative in FY2025 filingsource limitations
Immobilisations incorporelles [B] 68,126,468.11 78,260,501.39
Immobilisations corporelles [C] 515,420,144.78 539,719,025.86
Immobilisations financières [D]1 101,592,542.39 100,601,195.75
TOTAL (A+B+C+D+E) 685,139,155.28 718,580,723.00
Stocks [F] 190,663,495.21 189,337,529.58
Créances de l’actif circulant [G]2 1,235,063,879.56 824,322,819.49
Clients et comptes rattachés3 443,369,844.33 299,932,572.59
Ecarts de conversion actif [I] (Eléments circulants)4 2,461,988.66 65,627.78
TOTAL II (F+G+H+I)5 1,428,189,363.43 1,013,725,976.85
TOTAL III 10,957,381.08 11,232,214.68
TOTAL GÉNÉRAL I+II+III 2,124,285,899.79 1,743,538,914.53
Capital social ou personnel (1) 164,509,000.00 164,509,000.00
Réserve légale6 16,450,900.00 16,450,900.00
Autres réserves7 413,073,444.98 413,073,444.98
R e p o r t à n o u v e a u (2 ) 669,081,219.09 613,968,758.19
Résultat net de l’exercice (2)8 397,108,594.01 186,719,660.90
Total des capitaux propres (A) 1,660,223,158.08 1,394,721,764.07
Dettes de financement (C)9 34,684,488.29 50,837,998.06
Provisions durables pour risques et charges (D)10 34,002,236.00 36,200,747.00
TOTAL I (A+B+C+D+E)11 1,728,909,882.37 1,481,760,509.13
Dettes du passif circulant (F)12 383,904,623.36 257,804,423.30
Fournisseurs et comptes rattachés13 206,275,856.92 163,191,011.56
Autres provisions pour risques et charges (G)14 2,461,988.66 65,627.78
Ecarts de conversion - passif (Eléments circulants) (H)15 8,813,285.54 3,227,108.02
TOTAL II (F+G+H)16 395,179,897.56 261,097,159.10
TOTAL III17 196,119.86 681,246.30
TOTAL GÉNÉRAL I+II+III 2,124,285,899.79 1,743,538,914.53
Notes and alternative reported figures (17)
  1. “Immobilisations financières [D]” is an issuer-specific line, not mapped to a shared definition: CGNC financial fixed assets (here other financial receivables).
  2. “Créances de l’actif circulant [G]” is an issuer-specific line, not mapped to a shared definition: CGNC current receivables total (suppliers' advances, customers, staff, State, associates, other debtors, accruals).
  3. “Clients et comptes rattachés”: mapping to a shared definition is uncertain. Customers and related accounts only; other receivables are printed separately within [G].
  4. “Ecarts de conversion actif [I] (Eléments circulants)” is an issuer-specific line, not mapped to a shared definition: CGNC unrealised exchange losses on current items.
  5. “TOTAL II (F+G+H+I)” is an issuer-specific line, not mapped to a shared definition: CGNC actif circulant: stocks, receivables, placement securities and conversion differences; excludes trésorerie-actif.
  6. “Réserve légale” is an issuer-specific line, not mapped to a shared definition: Legal reserve.
  7. “Autres réserves” is an issuer-specific line, not mapped to a shared definition: Other reserves.
  8. “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.
  9. “Dettes de financement (C)”: mapping to a shared definition is uncertain. CGNC 'Dettes de financement' (all 'Autres dettes de financement'; no bonds).
  10. “Provisions durables pour risques et charges (D)” is an issuer-specific line, not mapped to a shared definition: CGNC long-term provisions for risks and charges.
  11. “TOTAL I (A+B+C+D+E)” is an issuer-specific line, not mapped to a shared definition: CGNC financement permanent: equity, quasi-equity, financing debts, durable provisions and conversion differences.
  12. “Dettes du passif circulant (F)” is an issuer-specific line, not mapped to a shared definition: CGNC current operating liabilities; excludes trésorerie-passif.
  13. “Fournisseurs et comptes rattachés”: mapping to a shared definition is uncertain. Suppliers and related accounts only; other current debts are printed separately within (F).
  14. “Autres provisions pour risques et charges (G)” is an issuer-specific line, not mapped to a shared definition: CGNC short-term provisions.
  15. “Ecarts de conversion - passif (Eléments circulants) (H)” is an issuer-specific line, not mapped to a shared definition: CGNC unrealised exchange gains on current items.
  16. “TOTAL II (F+G+H)” is an issuer-specific line, not mapped to a shared definition: CGNC passif circulant total; excludes trésorerie-passif.
  17. “TOTAL III” is an issuer-specific line, not mapped to a shared definition: CGNC trésorerie-passif total (bank credit balances).

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.

  • SMI (Managem Group) — États financiers sociaux au 31 décembre 2025

    Year ended 31 December 2025 · Published summary of audited statements (summary) · final status not established

    Audit: Fidaroc Grant Thornton; Forvis Mazars (commissaires aux comptes) (named); no auditor's opinion on the full statements in this document

    Final status: Bilan and compte de produits et charges published by SMI through the Casablanca exchange without ESG, tableau de financement or ETIC. The publication reproduces the commissaires aux comptes' general report on the full états de synthèse (which include those statements): unqualified, dated 'Casablanca, le 29 avril 2026', with handwritten signatures over the stamps of Fidaroc Grant Thornton (Faïçal Mekouar, Associé) and Forvis Mazars (Adnane Loukili, Associé) (PDF p2, page image). No auditor's report on this publication itself and no board approval date are printed.

    Document date
    29 Apr 2026
    Auditor's report
    date not recorded
    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 “dirhams with centimes (no unit printed; the auditors' report states MAD)”)
    • Directory name 'SMI'; the publication prints 'SMI Managem Group' (p1-2) and 'Société Métallurgique d'Imiter « SMI » S.A.' (auditors' report, p2).
    • The p1 text layer also holds OCR-like text of the p2 auditors' report image, which is garbled in places; the p2 report was read on the page render. Charges and income tax are printed positive in the CGNC layout and stored as deductions.
    • No auditor's report on the publication itself is printed. It reproduces the 'Rapport général des commissaires aux comptes, exercice du 1er janvier au 31 décembre 2025' (p2) on the états de synthèse comprising the bilan, compte de produits et charges, état des soldes de gestion, tableau de financement and ETIC, stating equity and quasi-equity of 1.660.223.158,08 MAD including net profit of 397.108.594,01 MAD (matching p1), unqualified: 'Nous certifions que les états de synthèse cités au premier paragraphe ci-dessus sont réguliers et sincères et donnent, dans tous leurs aspects significatifs, une image fidèle du résultat des opérations de l'exercice écoulé ainsi que de la situation financière et du patrimoine de la Société Métallurgique d'Imiter S.A. au 31 décembre 2025'; no key audit matters; no observation paragraph; signed Fidaroc Grant Thornton and Forvis Mazars, Casablanca, 29 avril 2026 (p2).
    • Company (sociaux) CGNC bilan actif (Brut, Amortissements et provisions, Net, Net N-1), bilan passif and compte de produits et charges (Propres à l'exercice, Concernant les exercices précédents, Totaux, Exercice précédent) on p1; no état des soldes de gestion, tableau de financement, ETIC or earnings per share. P1 states: 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem'. No consolidated statements are printed.
    Technical details
    File
    2 pages, with a text layer
    SHA-256
    f32f4f094d159bfaa494fba48a957aa1b13e0a8bf6bb728b3db8abae0dedc67b
    Entity as printed
    Société Métallurgique d'Imiter « SMI » S.A., Twin Center, Tour A, Casablanca (auditors' report, p2)
    Exchange copy
    retrieved 2026-10-08T18:23:26Z

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) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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