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Commercial achievements in line with our initial expectations.Total Maroc's operational achievements in 2020 are in line with our forecasts (Cf. Start 2021 under the cash-conversion perspective). 

Despite the decline in Maroc Telecom's 2021 quarterly results, they remain in line with our annual growth forecasts.

EGYPT : ISSUANCES ARE MULTIPLYING ... WITHOUT LOSING THEIR ATTRACTIVENESSEgypt has just successfully issued its first Eurobond in 2021. Used to this channel for its debt raising, Egypt has achieved its 13th Eurobond issuance since 2010.

In its approach to diversify financing sources, Attijari Titrisation offers a new financing leverage vehicle and puts all its expertise to its mission : supporting you in all the diligence stages prior to the selection of your potential assets to a securization.

The financial results of listed companies in 2020 stand out without major surprises for investors. As proof, the low levels of liquidity and volatility which marked the period of the annual release.

For the FY 2020, Auto Hall’s revenue stands at MAD 3,948 Mn, down -10.8% against an AGR estimate of -21.5%. At the origin of this outperformance, the good momentum of the DFSK and OPEL brands, whose sales increased by 66% and 44% respectively in 2020.

In 2020, Marsa Maroc recorded a much-awaited drop in its results within a context marked by a significant slowdown in port activity on a global scale. 

For the FY 2020, SNEP shows a limited decline in its revenue, i.e. -2.9% to MAD 917 Mn in line with our estimate of MAD 914 Mn (Cf. Start the year 2021 under the cash-conversion perspective).

CMT's operational achievements in 2020 do not come as a real surprise. In fact, the decreases in the EBIT by -31% to MAD 158 Mn and in the recurring NIGS by -35% to MAD 120 Mn are largely integrated into our initial forecasts (Cf. Start 2021 under the cash-conversion perspective).