Skip to content
The African Exponent DATA
Resources

Review pending. 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 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

SNEP

SNP · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
Société Nationale d'Electrolyse et de Pétrochimie
Listing
SNP on the Bourse de Casablanca, active · ISIN MA0000011728 (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

  • Auditor's emphasis of matter. Observation (p63): 'Sans remettre en cause l'opinion exprimée ci-dessus, nous attirons votre attention sur la note 2.1 de l'ETIC consolidé qui explique les impacts d'événements majeurs ayant contribué à la dégradation du résultat de l'exercice 2025.'
Full wording and sources

  • Auditor's emphasis of matter

    Observation (p63): 'Sans remettre en cause l'opinion exprimée ci-dessus, nous attirons votre attention sur la note 2.1 de l'ETIC consolidé qui explique les impacts d'événements majeurs ayant contribué à la dégradation du résultat de l'exercice 2025.'

    Source: Rapport financier annuel 2025 (dated 2026-04-29)

  • Revenue

    MAD 746 million

    745,692 MAD thousands · p51

    +17.7% vs 2024

  • Operating profit / (loss)

    −MAD 134 million

    (133,729) MAD thousands · p51

    Change not shown.

  • Profit / (loss) for the year

    −MAD 185 million

    (185,186) MAD thousands · p51

    Change not shown.

  • Total assets

    MAD 1.71 billion

    1,710,393 MAD thousands · p50

    −8.3% vs 2024

  • Total equity

    MAD 487 million

    487,051 MAD thousands · p50

    −27.5% vs 2024

  • Cash from operations

    −MAD 12.5 million

    (12,498) MAD thousands · p51

    −112.8% vs 2024

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.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD thousands 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 thousands. 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
Chiffre d'affaires 745,692 633,333
Variation de stocks de produits1 12,468 (7,442)
Autres produits d'exploitation 5,264 159,762
Achats consommés2 (640,615)3 (574,712)4
Charges externes5 (57,172) (54,389)
Charges de personnel (80,151) (79,987)
Autres charges d'exploitation (6,357) (6,286)
Impôts et taxes6 (7,924) (7,539)
Dotations d'exploitation7 (104,934)8 (89,497)
Résultat d'exploitation (133,729)9 (26,755)
Charges et produits financiers10 (36,997) (33,463)
Résultat courant des entreprises intégrées11 (170,726)12 (60,218)
Charges et produits non courants13 (2,062) 5,812
Impôts sur les résultats 3,594 19,892
Impact changement du taux d'IS sur exercices antérieurs14 –15 –15
Résultat net des entreprises intégrées16 (169,194)17 (34,515)
Quote part dans les résultats des entreprises mises en (6,464) 231
Dotations aux amortissements des écarts d'acquisition18 (9,528) (9,528)
Résultat net de l'ensemble consolidé (185,186)19 (43,811)
Intérêts minoritaires20 –21 –21
  1. Printed “- 640 615”; read as -640615. p51: Printed with the minus sign set apart from the figure ('- 640 615'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm.
  2. Printed “- 574 712”; read as -574712. p51: Printed with the minus sign set apart from the figure ('- 574 712'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm.
  3. Printed “- 104 934”; read as -104934. p51: Printed with the minus sign set apart from the figure ('- 104 934'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm.
  4. Printed “- 133 729”; read as -133729. p51: Printed with the minus sign set apart from the figure ('- 133 729'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm.
  5. Printed “- 170 726”; read as -170726. p51: Printed with the minus sign set apart from the figure ('- 170 726'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm.
  6. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_q9f0zz8bzjt3.net_result_integrated.
  7. Printed “- 169 194”; read as -169194. p51: Printed with the minus sign set apart from the figure ('- 169 194'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm.
  8. Printed “- 185 186”; read as -185186. p51: Printed with the minus sign set apart from the figure ('- 185 186'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm.
  9. Printed “-”; reading unresolved, so no amount is shown. Printed dash; no printed subtotal confirms a nil reading.
Notes and alternative reported figures (12)
  1. “Variation de stocks de produits” is an issuer-specific line, not mapped to a shared definition: Change in inventories of products.
  2. “Achats consommés” is an issuer-specific line, not mapped to a shared definition: Printed negative.
  3. “Charges externes” is an issuer-specific line, not mapped to a shared definition: Printed negative.
  4. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax; printed negative.
  5. “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Depreciation, amortisation and provisions charged to operations; printed negative.
  6. “Charges et produits financiers” is an issuer-specific line, not mapped to a shared definition: Net financial result.
  7. “Résultat courant des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Operating result plus net financial result.
  8. “Charges et produits non courants” is an issuer-specific line, not mapped to a shared definition: Net non-current items.
  9. “Impact changement du taux d'IS sur exercices antérieurs” is an issuer-specific line, not mapped to a shared definition: Printed '-' in both years.
  10. “Résultat net des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal after income tax, before equity-accounted results and goodwill amortisation.
  11. “Dotations aux amortissements des écarts d'acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill amortisation.
  12. “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Minority share of the result; printed '-' in both years.

Balance sheet

Balance sheet, MAD thousands. 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
Actif immobilisé 1,071,989 1,204,589
Écart d'acquisition1 –2 9,528
Immobilisations incorporelles 110,068 138,403
Immobilisations corporelles 747,442 784,702
Immobilisations financières3 73,948 124,961
Titres mis en équivalence 140,531 146,995
Actif circulant 638,404 660,949
Stocks et en cours 202,370 219,571
Clients et comptes rattachés4 317,715 306,080
Impôts différés actifs 13,268 7,784
Autres créances et comptes de régularisation5 103,789 126,311
Valeurs mobilières de placement6 –7 –7
Disponibilités 1,262 1,202
TOTAL DE L'ACTIF 1,710,393 1,865,537
Capital 240,000 240,000
Réserves consolidées8 432,237 476,048
Résultats consolidés9 (185,186) (43,811)
Capitaux propres part du Groupe 487,051 672,236
Intérêts minoritaires –10 –10
Total Capitaux propres 487,051 672,236
Passifs à long terme 259,237 337,212
Dettes financières à long terme 258,619 331,417
Subvention reçue11 –12 –12
Provisions pour risques et charges13 618 5,795
Passif circulant 964,105 856,089
Fournisseurs et comptes rattachés14 337,743 304,252
Autres dettes et comptes de régularisation15 68,681 60,271
Impôts différés passifs16 –17 –17
Trésorerie passif 557,681 491,566
TOTAL DU PASSIF 1,710,393 1,865,537
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
  4. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  5. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (12)
  1. “Écart d'acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill, net (fully amortised in 2025).
  2. “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets.
  3. “Clients et comptes rattachés” is an issuer-specific line, not mapped to a shared definition: Trade receivables, printed apart from other receivables.
  4. “Autres créances et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other receivables and accruals.
  5. “Valeurs mobilières de placement” is an issuer-specific line, not mapped to a shared definition: Marketable securities; printed '-' in both years.
  6. “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves.
  7. “Résultats consolidés” is an issuer-specific line, not mapped to a shared definition: The year's consolidated result shown within equity.
  8. “Subvention reçue” is an issuer-specific line, not mapped to a shared definition: Investment subsidy; printed '-' in both years.
  9. “Provisions pour risques et charges” is an issuer-specific line, not mapped to a shared definition: Long-term provisions for risks and charges.
  10. “Fournisseurs et comptes rattachés” is an issuer-specific line, not mapped to a shared definition: Trade payables, printed apart from other payables.
  11. “Autres dettes et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other payables and accruals.
  12. “Impôts différés passifs” is an issuer-specific line, not mapped to a shared definition: Printed '-' in both years, within 'Passif circulant'.

Cash flow

Cash flow, MAD thousands. 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
Résultat net des entreprises intégrées1 (169,194) (34,514)
Dotations aux amortissements2 101,978 80,540
Charges / produits sans effet sur la trésorerie3 (4,049) 5,455
Charges d'intérêts4 –5 –5
Variation des impôts différés6 (5,484) (21,517)
Plus ou moins values de cession7 –5 –5
Capacité d'autofinancement des sociétés intégrées8 (76,749) 29,965
Dividendes reçus des sociétés mises en équivalence9 –10 –10
Variation du besoin en fonds de roulement lié à l'activité11 64,251 67,868
Flux net de trésorerie lié à l'activité (12,498) 97,832
Acquisition d'immobilisations corporelles (36,647) (172,474)
Acquisition d'immobilisations incorporelles (765)12 (54,717)
Cession d'immos corporelles –13 1,225
Cession de titres de sociétés mises en équivalence14 –13 –13
Acquisition de titres de société consolidée15 –13 –13
Flux de trésorerie liés aux opérations d'investissement (37,412) (225,966)
Dividendes versés aux actionnaires de la société mère –16 –16
Augmentation de capital en numéraire17 –16 –16
Subventions reçues18 –16 –16
Autres opérations financières19 56,652 1,795
Intérêts payés20 –16 –16
Émission d'emprunt 24,120 153,844
Remboursement d'emprunts (96,918) (82,688)
Flux de trésorerie liés aux opérations de financement (16,146) 72,951
Augmentation (diminution) de la trésorerie (66,056) (55,183)
Trésorerie au début de l'exercice (490,363) (435,178)
Trésorerie à la fin de période (556,419) (490,363)
Mouvements de conversion Not reported in this filing21 –22
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_q9f0zz8bzjt3.cf_self_financing_capacity.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  3. Printed “- 765”; read as -765. p51: Printed with the minus sign set apart from the figure ('- 765'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm.
  4. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  5. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  6. Printed “-”, read as nil: subtotal_arithmetic: cf.net_change_in_cash.
Notes and alternative reported figures (16)
  1. “Résultat net des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Starting point of the cash-flow statement.
  2. “Dotations aux amortissements” is an issuer-specific line, not mapped to a shared definition: Non-cash adjustment.
  3. “Charges / produits sans effet sur la trésorerie” is an issuer-specific line, not mapped to a shared definition: Non-cash adjustment.
  4. “Charges d'intérêts” is an issuer-specific line, not mapped to a shared definition: Adjustment; printed '-' in both years.
  5. “Variation des impôts différés” is an issuer-specific line, not mapped to a shared definition: Non-cash adjustment.
  6. “Plus ou moins values de cession” is an issuer-specific line, not mapped to a shared definition: Adjustment; printed '-' in both years.
  7. “Capacité d'autofinancement des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: net result adjusted for non-cash items.
  8. “Dividendes reçus des sociétés mises en équivalence” is an issuer-specific line, not mapped to a shared definition: Printed '-' in both years.
  9. “Variation du besoin en fonds de roulement lié à l'activité” is an issuer-specific line, not mapped to a shared definition: Change in operating working capital.
  10. “Cession de titres de sociétés mises en équivalence” is an issuer-specific line, not mapped to a shared definition: Investing; printed '-' in both years.
  11. “Acquisition de titres de société consolidée” is an issuer-specific line, not mapped to a shared definition: Investing; printed '-' in both years.
  12. “Augmentation de capital en numéraire” is an issuer-specific line, not mapped to a shared definition: Financing; printed '-' in both years.
  13. “Subventions reçues” is an issuer-specific line, not mapped to a shared definition: Financing; printed '-' in both years.
  14. “Autres opérations financières” is an issuer-specific line, not mapped to a shared definition: Financing.
  15. “Intérêts payés”: mapping to a shared definition is uncertain. Printed 'Intérêts payés' ('-' both years) within financing; borrowings or leases not stated.
  16. Not reported in this filing: Not printed for 2025: the line 'Mouvements de conversion' carries a 2024 amount (-) only; the 2025 column is left blank (p51, checked on the page image).

Per share and shares

Per share and shares. 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
Earnings / (loss) per share (per share)21 (77.16) (18.25)
Profit / (loss) attributable to shareholders (MAD thousands)4 (185,186)3 (43,811)
  1. Printed “- 185 186”; read as -185186. p51: Printed with the minus sign set apart from the figure ('- 185 186'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm.
Notes and alternative reported figures (3)
  1. “Résultat par action”: mapping to a shared definition is uncertain. Printed 'Résultat par action' (dirhams per share; -77.16, 2024: -18.25, p51); basic or diluted not stated.
  2. Earnings / (loss) per share: printed as “Résultat par action”.
  3. Profit / (loss) attributable to shareholders: printed as “Résultat net (Part du groupe)”.

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.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividendes versés aux actionnaires de la société mère 0printed “–”, read as nil MAD thousands Annual report, p51
31 Dec 2024 Dividends paid (cash flow statement) Dividendes versés aux actionnaires de la société mère 0printed “–”, read as nil MAD thousands Annual report, p51

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.

  • Rapport financier annuel 2025

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

    Audit: Fidaroc Grant Thornton (Faïçal Mekouar) and BDO (Amine Baakili), commissaires aux comptes, unmodified opinion · signed

    Auditor's sign-off: Fidaroc Grant Thornton, Faïçal MEKOUAR, Associé; BDO, Amine BAAKILI, Associé

    Final status: The rapport des commissaires aux comptes sur les états de synthèse consolidés (pp62-64) is dated 'Casablanca, le 29 avril 2026' and carries the stamps and handwritten signatures of Fidaroc Grant Thornton (Faïçal Mekouar, Associé) and BDO (Amine Baakili, Associé) (PDF p64, right half, page image). It quotes consolidated equity of KMAD 487.051 and a consolidated loss of KMAD 185.186, matching the statements (p63). No board approval date for these statements is printed.

    Document date
    29 Apr 2026
    Auditor's report
    29 Apr 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
    consolidated statements · MAD thousands (printed “En milliers MAD”)
    • 2024 cash flow (p51): trésorerie au début -435 178 plus the printed change -55 183 gives -490 361, but the trésorerie à la fin is printed -490 363; and the bilan at 31 December 2024 gives disponibilités 1 202 less trésorerie passif 491 566 = -490 364 (p50) against -490 363 printed as 2024 closing and 2025 opening cash. Differences of 1-2 KMAD, checked on the p50/p51 renders; kept as printed.
    • The tableau des flux opens with 'Résultat net des entreprises intégrées' of -34 514 for 2024 (p51), while the compte de produits et charges prints -34 515 for the same line; 2024 'Flux net de trésorerie lié à l'activité' is printed 97 832 while its components (29 965 + 67 868) sum to 97 833 (checked on the p51 render). Kept as printed.
    • Cash in the tableau des flux is net: trésorerie à la fin de période (-556 419; 2024: -490 363) equals disponibilités less trésorerie passif on the bilan (p50).
    • Impôts différés actifs are printed within 'Actif circulant' and Impôts différés passifs within 'Passif circulant' (p50). Total equity includes minority interests (printed '-'). No profit-before-tax line is printed: income tax is deducted after non-current items without a pre-tax subtotal (p51).
    • The tableau des flux prints a heading row 'Élimination des charges et produits nets sans effet sur la trésorerie ou non liés à l'activité' with '-' in the 2024 column only (no amount; not transcribed), and 'Mouvements de conversion' with a blank 2025 cell and '-' for 2024 (p51).
    Technical details
    File
    68 pages, with a text layer
    SHA-256
    7c7fc52eb87321ed626d57d37dccb9cc7fc06e021441b2e33f4fea927d202f42
    Entity as printed
    Société Nationale d'Electrolyse et de Pétrochimie (SNEP) S.A et sa filiale (Groupe SNEP) (PDF p63)
    Regulator copy
    retrieved 2026-10-08T18:38:26Z

Data notes

  • Achats consommés — Printed '- 640 615'; read as '-640615'. Printed with the minus sign set apart from the figure ('- 640 615'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm. (Rapport financier annuel 2025, p51)
  • Achats consommés — Printed '- 574 712'; read as '-574712'. Printed with the minus sign set apart from the figure ('- 574 712'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm. (Rapport financier annuel 2025, p51)
  • Dotations d'exploitation — Printed '- 104 934'; read as '-104934'. Printed with the minus sign set apart from the figure ('- 104 934'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm. (Rapport financier annuel 2025, p51)
  • Résultat d'exploitation — Printed '- 133 729'; read as '-133729'. Printed with the minus sign set apart from the figure ('- 133 729'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm. (Rapport financier annuel 2025, p51)
  • Résultat courant des entreprises intégrées — Printed '- 170 726'; read as '-170726'. Printed with the minus sign set apart from the figure ('- 170 726'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm. (Rapport financier annuel 2025, p51)
  • Résultat net des entreprises intégrées — Printed '- 169 194'; read as '-169194'. Printed with the minus sign set apart from the figure ('- 169 194'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm. (Rapport financier annuel 2025, p51)
  • Résultat net de l'ensemble consolidé — Printed '- 185 186'; read as '-185186'. Printed with the minus sign set apart from the figure ('- 185 186'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm. (Rapport financier annuel 2025, p51)
  • Acquisition d'immobilisations incorporelles — Printed '- 765'; read as '-765'. Printed with the minus sign set apart from the figure ('- 765'); read as one negative amount with the same digits, as the printed subtotals and the page image (p51) confirm. (Rapport financier annuel 2025, p51)

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.

Download

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.

· Company methodology and coverage