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In a context marked by the fall in domestic cement consumption of -10.0% in 2020, CIMAR outperforms its sector by limiting the drop in its revenues to -7.2% against an AGR estimate of -6.4 % (Cf. Start 2021 under the cash-conversion perspective).

As expected, Cosumar showed during 2020 a solid resilience of its results, despite the negative repercussions of the health crisis on the local demand.

Following our survey conducted in March, we have identified investors' expectations toward the evolution of the Moroccan central bank key rate on the sidelines of its 1st meeting of Q1-21.

In 2020, TAQA Morocco recorded a consolidated revenue of MAD 7,789 Mn down -14.6%. This is mainly explained by the -24.1% drop in energy costs following the decline in international coal prices (i.e. -17.0% in 2020).

2020 achievements without surprises.The growth of SMI's activity in 2020 is in line with our initial forecasts (C.f. Start 2021 under the cash-conversion perspective). This is a slight increase in revenue of 0.5% to MAD 856 Mn against an estimate of MAD 865 Mn.

Listed companies' release of their operating results for the 4th quarter of 2020 takes place in a context marked by the gradual recovery of economic activity in Morocco. 

Following the launch of its new portal Attijari CIB, a single point of access to all of its digital services, Attijariwafa bank Corporate and Investment Banking held a third Webinar on the theme: "The digital transformation of the banking relationship: a performance lever for companies ”. 

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Maroc Telecom’s 2020 achievements confirm our annual growth forecasts, whether in terms ofactivity, profitability or even cash-generation. Despite its solid resilience in 2020, the Group lowered its DPS to MAD 4.01, causing a visible disappointment within the market.