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Moroccan billionaire Aziz Akhannouch’s Afriquia Gaz posted MAD370.2 million ($37 million) in consolidated net profit for the first half of 2026, edging up 0.5% from MAD368.3 million a year earlier despite lower sales volumes.
The gas distributor’s operating performance improved more strongly during the period, with consolidated operating profit rising 7.9% to MAD613 million from MAD568 million in the first half of 2025. The company attributed the improvement to greater operational efficiency.
Revenue remained broadly stable at MAD4.688 billion, compared with MAD4.701 billion a year earlier. However, volumes sold fell 4.2% to 605,099 tonnes from 631,948 tonnes, reflecting softer activity during the period.
Afriquia Gaz also recorded an improvement in its standalone performance. Operating profit increased to MAD517.2 million from MAD490 million, while net profit rose to MAD334 million from MAD331.6 million in the same period last year.
Akhannouch’s connection to the company comes through Akwa Group, the Moroccan conglomerate he majority owns. Morocco’s capital market regulator, AMMC, lists Akwa Group as holding a 29.99% stake in Afriquia Gaz, making it one of the company’s largest shareholders.
Afriquia Gaz is a core asset within Akwa Group’s petroleum and gas portfolio. The company specialises in the distribution of liquefied petroleum gas and the filling of gas cylinders, serving both household and professional customers.
The latest results add to Akhannouch’s exposure to Morocco’s energy sector as Afriquia Gaz continues to focus on improving operational efficiency despite weaker volumes. Akhannouch and his family have an estimated fortune of $1.6 billion, according to Forbes Middle East’s 2026 ranking.
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