The recurring profit growth of listed companies in Morocco soared to 21.6% for the first half of 2024, surpassing market expectations, according to Attijari Global Research (AGR). This marks the strongest semi-annual profit growth observed over the past three years, driven by improvements in both operating and financial results, as noted in AGR’s recent “Research Report – Equity” focused on the performance of listed companies.
The report highlights that aggregate revenues of listed companies rose by 4.2%, reaching 156 billion dirhams, primarily fueled by the banking sector. The positive market trend is further evidenced by a 17.2% increase in recurring operating profits, which resulted in a 2.7-point improvement in operating margins, jumping from 21.7% to 24.4%. This boost is largely attributed to the continued decline in global input prices.
Additionally, the favorable market conditions were reflected in the cumulative 1.3% increase in the MASI index since the beginning of the semi-annual earnings season in August 2024. Trading activity also saw a notable improvement, with average daily volumes exceeding 200 million dirhams over the past two months.
Looking ahead, AGR analysts maintain a generally positive outlook for the second half of 2024, citing optimistic forecasts from listed companies.
