The aggregated revenues of Morocco’s listed companies reached 157 billion dirhams (MMDH) in the first half of 2024 (H1-2024), reflecting a 4.4% increase compared to the same period in 2023, according to a recent report from Attijari Global Research (AGR). This growth was primarily driven by the banking sector, which saw its net banking income rise by 13%, contributing an additional 5.266 billion dirhams to the overall figure, as noted in AGR’s “Research report- Equity” on the financial results of listed companies. Excluding the banking sector, revenue growth across the board was more modest, standing at just 1.2% for H1 2024.
AGR confirmed that these half-year results are aligned with their projected growth for 2024, achieving close to 50% of the expected annual target. As a result, AGR maintained its forecasts for revenue growth of 5.3% in 2024 and 8% in 2025.
In terms of profitability, recurring earnings are expected to grow by 7.3% in 2024, with an acceleration to 10.4% in 2025 as a result of the launch of previously announced investment projects. For the second quarter of 2024 (Q2-2024), the stock market reported aggregated revenues of 79.2 billion dirhams, marking a 4.8% increase compared to Q2 2023. This follows growth of 2.3% in Q4 2023 and 4% in Q1 2024.
Three key sectors contributed significantly to this performance: banking (+1.341 billion dirhams), construction (+597 million dirhams), and mining (+510 million dirhams). However, despite a 2.8% increase in cement sales during Q2 2024, the cement sector recorded a revenue decline of 235 million dirhams. This downturn was attributed to the opening of a new plant by Novacim (a non-listed company) with a production capacity of 1.6 million tons, coupled with a drop in clinker exports.
