Research & Analysis

After a drop in its revenue of -28% during Q1-21 following the decline in Lead production, CMT managed to recover its activity by +25% in Q2-21. Under these conditions, we note a slight increase in revenue, i.e. +0.6% during H1-21 to MAD 191 Mn.  

Despite the increase in the Treasury's financing needs over the past two years as a result of the significant readjustment of fiscal policy, bond rates did not experience any particular pressure during H1-2021.

Following currency buyback operations carried out last week by BAM at the level of the interbank foreign exchange market, the banks' foreign exchange position remains in surplus at more than MAD 3 Bn.

Moroccan banks do not to subscribe to BAM's currency buyback operations for the second week in a row, following calls for tenders on the interbank foreign exchange market.

At the end of the first half of 2021, Auto Hall shows a solid recovery of its revenue of 129% to MAD 2,825 Mn. Compared to H1-19, the growth rate is still high at 33.4%.

At the end of the 1st half of 2021, Cosumar posted an increase in its consolidated revenue of +2.9% to MAD 4,382 Mn driven by the recovery in “out of home” consumption following the easing of restrictions on mobility.

Following our survey conducted in September, we have identified investors' expectations toward the evolution of the Moroccan central bank key rate on the sidelines of its 3rd meeting of Q3-21.

In a context marked by a solid recovery in domestic cement consumption of +24.4% at the end of June 2021, CIMAR recorded an increase in its consolidated revenue of +17.0%, from MAD 1,696 Mn in H1-20 to MAD 1,985 Mn in H1-21. 

As anticipated in the first quarter (Cf. Research paper -Taqa Morocco Q1-21 results), the half-year revenue of TAQA Morocco fell by -13.7% in H1-21 to MAD 3,465 Mn.