On November 5, 2024, Économie Entreprises, in partnership with Kompas Maroc, unveiled its much-anticipated annual ranking of the 500 largest companies in Morocco. The event, marking the 23rd edition of this comprehensive study, spotlighted the economic impact of these enterprises, their growing commitment to ESG (Environmental, Social, and Governance) standards, and the challenges they face in aligning with European market norms.
This year’s study, conducted by the consultancy Forvis Mazars, highlighted a promising 9% improvement in Moroccan companies’ dedication to environmental and social responsibility. The report underscores the importance of these standards for Moroccan firms looking to compete internationally, especially with the rising demand for ESG compliance within European markets.
OCP and the leading giants of Morocco
Securing the top spot on the national scale is OCP (Office Chérifien des Phosphates), Morocco’s phosphate giant, boasting a remarkable revenue of 91.2 billion MAD. Following closely is Renault Maroc with 56.1 billion MAD, then ONEE (National Office of Electricity and Drinking Water) with 47.7 billion MAD. These top three companies reflect Morocco’s economic diversity, spanning industries from mining and automotive to energy.
Casablanca emerged as the primary hub for these powerhouse companies, with OCP at the forefront. Africa SMDC, with a revenue of 35.2 billion MAD, and Commercial & Banque, pulling in 29.9 billion MAD, also demonstrated Casablanca’s economic influence.
Morocco’s economic landscape: A diverse top 10
The list of Morocco’s largest companies in 2024 features a wide array of sectors, each contributing significantly to the nation’s GDP. After OCP, Renault, and ONEE, the top 10 is rounded out by other major players:
- Maroc Telecom, generating 36.7 billion MAD
- Afriquia SMDC, focused on petroleum with 35.2 billion MAD
- Attijariwafa Bank with 29.9 billion MAD
- Banque Centrale Populaire at 22.7 billion MAD
- Royal Air Maroc, a leader in air transport with 19.8 billion MAD
- Vivo Energy Maroc in energy distribution, totaling 18.3 billion MAD
- Bank of Africa, with revenue of 17 billion MAD
These companies highlight Morocco’s strength across critical industries—energy, telecommunications, finance, and distribution—each playing a pivotal role in the nation’s economic resilience.
Leading companies by sector
The top 20 Moroccan companies include influential leaders across sectors:
- OCP – Phosphates (91.2 billion MAD)
- Renault Maroc – Automotive (56.1 billion MAD)
- ONEE – Energy (47.7 billion MAD)
- Maroc Telecom – Telecommunications (36.7 billion MAD)
- Afriquia SMDC – Petroleum (35.2 billion MAD)
- Attijariwafa Bank – Banking (29.9 billion MAD)
- Banque Centrale Populaire – Banking (22.7 billion MAD)
- Royal Air Maroc – Air Transport (19.8 billion MAD)
- Vivo Energy Maroc – Energy Distribution (18.3 billion MAD)
- Bank of Africa – Banking (17 billion MAD)
The list continues with significant players in distribution (Label’Vie and Marjane), energy (Taqa Morocco), and insurance (Wafa Assurance), reflecting a balanced economy with robust contributions from both traditional and emerging industries.
Rising stars: New entries and strong growth
Certain companies displayed particularly strong growth this year. Among the notable entries into the top 100 are:
- Sanlam Maroc – ranked 35th
- Crédit du Maroc – 60th
- Dislog Group – 63rd
- Les Eaux Minérales d’Oulmès – 65th
- Akdital Holding – 79th
These companies are on an upward trajectory, reflecting Morocco’s dynamic business environment and increasing competitiveness in sectors ranging from finance and consumer goods to healthcare.
A future focused on ESG and global compliance
As Moroccan companies strive for global market relevance, compliance with ESG standards has become more than just a trend; it’s a strategic imperative. The recent study shows that companies are increasingly recognizing the value of sustainable practices, an essential factor as they expand into markets with rigorous regulatory requirements, particularly in Europe.
This annual ranking provides an invaluable view into the corporate landscape of Morocco, identifying the nation’s top-performing companies and the sectors driving its economy forward. As these companies grow, adapt, and align with global standards, they not only strengthen their positions within Morocco but also enhance the nation’s reputation on the international stage. With ongoing commitments to ESG and ambitious expansion strategies, Morocco’s corporate leaders are well-positioned to continue shaping the country’s economic future.
