Sofac continued its robust growth trajectory during the third quarter of 2024, reaffirming its leadership in consumer credit and leasing in Morocco.
The company reported a net production of 1,775 million dirhams in Q3 2024, marking an impressive 13.5 percent increase compared to the same period in 2023. Over the first nine months of the year, cumulative production reached 5,554 million dirhams, reflecting a 13 percent year-on-year growth. This performance was driven by successful diversification, including the expansion of leasing and the growing popularity of financing options like leasing with purchase options, supported by a rebound in vehicle sales.
As of September 2024, Sofac’s gross outstanding loans totaled 18,127 million dirhams, an increase of 16 percent compared to December 2023. Similarly, net debt rose by 14 percent to 11,216 million dirhams, showcasing the company’s capacity to support its lending activities.
The net banking income for the first nine months of 2024 reached 609 million dirhams, a 12 percent increase from the same period in 2023. This growth highlights Sofac’s effective management of refinancing and the synergies achieved across its various business lines.
Sofac remains committed to adapting its offerings to meet evolving client needs, strengthening its position in both individual and corporate segments. With a legacy dating back to 1947, the company continues to innovate through its network of agencies, authorized agents, and digital platform, Crediz. Complementary services include insurance through its Sofassur subsidiary, structured financing via Sofac Structured Finance, and mobility solutions through Badeel, its long-term leasing branch.
