The results are impacted by the downward trend in international petroleum product prices, which resulted in a negative inventory effect at June 30, 2019, against a positive effect in 2018, and resulted in lower margins.
The market seems particularly attentive to the margins even though the specter of a cap by the government is disappearing, the media outlets of the executive on this subject getting more and more rare and investors giving them less and less credit.
To explain the decline in profits, the company also refers to the increase in the tax rate, which amounts to a nominal rate of 31% after benefiting from a reduced rate of 23.25% for the 2016, 2017 and 2018 financial years following its IPO. The application in 2019 of the new social solidarity contribution, amounting to 2.5% of the tax profit, also had an effect on the profitability of the company.
At around 11:14, the stock quotes at MAD 1.203 (-6.09%) and records MAD 1.8 million of volumes.