As earnings season wraps up on the Casablanca Stock Exchange, investors are breathing a little easier. While a steep drop in dividends from Maroc Telecom weighed on overall performance, most other listed companies delivered strong results. That’s the main takeaway from BMCE Capital Global Research’s latest annual report, which highlights key market trends from the 2024 financial year.
Total dividends across the market dipped by 3.2%, landing at 17.3 billion dirhams. That decline is almost entirely due to Maroc Telecom’s reduced payout. Stripping out that one heavyweight, however, the picture looks far more upbeat—dividends rose by 13.1%, thanks to strong performances from several major players. Attijariwafa Bank raised its dividend per share to 19 dirhams, up from 16.5 the year before. Mining group Managem and real estate developer Addoha also contributed to the upward momentum, with Addoha resuming dividend payments after a hiatus.
Even so, the average dividend yield across the market dropped to 2.8%, down from 3.6% in 2023. But that’s less about stingier payouts and more about rising stock prices—share valuations climbed sharply this year. Despite that, the market’s price-to-earnings ratio (P/E) remains relatively tame at 20.5 times earnings, close to its historical average. And if you exclude Maroc Telecom from the equation, the P/E falls even further to 18.4, making Moroccan equities more attractive from a valuation standpoint.
Some companies still managed to deliver standout yields. MAGHREBAIL offered a return of 5.9%, while tech firms DISWAY and MICRODATA topped that with 6.3% and 6.6%, respectively. The financial sector also held up well. Although average yields saw a slight dip, insurance brokers AFMA and AGMA stood out for their stable and generous dividends.
In a sign of growing market maturity, 82% of listed companies posted improved profits in 2024. More impressively, overall earnings came in at 101.1% of BKGR’s forecasts—virtually spot on—suggesting the market is becoming not only more stable but also more predictable.
All signs point to a positive outlook for 2025, with investors hoping for another year marked by steady growth and healthy returns.
