The latest outlook from BMCE Capital Global Research paints a promising picture for companies listed on the Casablanca Stock Exchange. According to updated forecasts, Morocco’s top 40 publicly traded firms—collectively known as the Scope 40—are expected to post an 8.6% increase in total revenue this year, pushing overall turnover to 298.8 billion dirhams.
Even more striking is the projected surge in profitability. Net income attributable to shareholders (RNPG) is set to climb nearly 30% to 40.5 billion dirhams. A large part of this boost stems from Maroc Telecom’s recovery following the resolution of its long-standing legal dispute with rival operator Inwi. Stripping out the one-time impact of this settlement, RNPG would still rise by more than 10%, reflecting underlying business strength.
The industrial sector is expected to be the standout performer. Revenues in this segment are forecast to jump 9.4%, while operating profits could soar by 30.7%, driven by strong contributions from companies such as MANAGEM, LABEL’VIE, and AKDITAL. Financial institutions are also on solid footing, with net banking income projected to grow by 7.5%, and net profits by 10.3%, thanks in part to a decline in risk-related costs and stable market revenues.
The insurance sector, meanwhile, is poised for more modest growth. Total premiums are expected to rise by 5.8%, with gains led by life insurance and auto coverage. Profitability in this space should still grow a healthy 8.6%, according to analysts.
Shareholders can also expect better returns. Dividends paid out by Scope 40 companies are projected to reach 25.1 billion dirhams—significantly higher than in 2024. Despite rising market capitalization, dividend yields are expected to remain relatively steady, offering consistent value to investors.
These upbeat projections reflect a generally supportive economic environment. Analysts highlight a gradual recovery in domestic demand, an improvement in water reserves, and positive momentum in tourism and industrial exports. Still, there are areas to watch: potential tax changes, the threat of renewed inflation driven by global trade tensions, and an anticipated slowdown in the energy sector remain key risks to monitor.
