Africa's richest monarch watches his mining company multiply profit tenfold in six months

Managem, the mining company controlled by Morocco's royal family, reported first-half profit attributable to shareholders of 3.778 billion dirhams, about $395 million, against 380 million dirhams a year earlier.

That is close to ten times what it made in the same period of 2025. The board approved the results on Sept. 24 under chairman Imad Toumi, and the company announced them the following day.

Revenue rose 166% to 11.764 billion dirhams from 4.422 billion. Earnings before interest, tax, depreciation and amortisation more than quadrupled to 6.197 billion dirhams, lifting the operating margin from 33% to 53%, and operating income climbed to 4.833 billion dirhams from 723 million.

Two mines did most of it. The Tizert copper mine in southern Morocco and the Boto gold mine in Senegal both reached full production during the half, arriving at exactly the moment copper and gold prices were running at records.

Not everything improved. Silver output slowed at the Imiter mine in Morocco, and production fell at the Tri-K gold mine in Guinea, but the new mines more than covered both.

The balance sheet improved alongside the profit. Capital expenditure fell 40% to 1.73 billion dirhams as construction finished at Tizert and Boto, and debt dropped 20% to 9.9 billion dirhams from 12.6 billion.

Managem expects the second half to be a period of consolidation as the new assets keep running at capacity.

Who collects the returns is the part that rarely gets said. Managem sits inside Al Mada, the holding company of King Mohammed VI and his family, which the king and his siblings control through two personal vehicles named SIGER and ERGIS, both derived from the Latin word for king, alongside a fund called Copropar that receives Al Mada's dividends on the family's behalf.

Al Mada holds stakes in more than 40 companies across Morocco, Europe and the rest of Africa. Attijariwafa Bank, the country's largest lender, the sugar processor Cosumar and the dairy group Centrale Danone sit beside Managem in the portfolio, and the holding company was called Société Nationale d'Investissement until it took its current name in March 2018.

Mohammed VI is the wealthiest monarch in Africa.

The mining business is the piece of his empire most exposed to what is happening in commodity markets. Managem operates in seven African countries across gold, copper, silver, cobalt and zinc, and it spent years building capacity that has now arrived into a price environment almost nobody forecast.