Financial Headlines
| MOROCCO-TUNISIA | ENNAKL AUTOMOBILES | Revenue down 23% in Q1 2025
In Q1 2025, Ennakl Automobiles' revenue stood at TND 108.9 Mn, down 22.9% compared to the same period of the previous year. Meanwhile, the company’s gross margin rose by 2.3 points from 17.1% at the end of March 2024 to 19.3% at the end of March 2025.
| MOROCCO | TGCC | The Competition Council approved the acquisition of 60% stake in STAM capital
The Standing Committee of the Competition Council met on April 21st 2025. It decided to authorize the economic concentration operation related to the acquisition of exclusive control by TGCC of STAM, through the acquisition of 60% of the par capital and associated voting rights
| MOROCCO | MAROC LEASING | The DPS set at MAD 14 for the FY 2024
Maroc Leasing’s shareholders are convened to the Ordinary General Meeting, on May 23rd 2025. This decides to payout a DPS of MAD 14 for the FY 2024, stable compared to the previous year.
| BURKINA FASO | ONATEL BF | Consolidated net income up 2% in 2024
For the FY 2024, Onatel's revenue stood at FCFA 143.4 Bn, up 1.9% compared to the previous year. Likewise, the operator's consolidated net income rose by 2.3% during the same period to stand at FCFA 20.6 Bn.
Economic Headlines
| MOROCCO | INFLATION | An inflation rate of 1.6% in March 2025
In March 2025, the Consumer Prices Index declined by 0.3% compared to February 2025, taking into account the decrease of 0.7% in the food products index and the stagnation of the non food products index. Year-on-year, the inflation rate settled at 1.6%.
Note that the underlying inflation indicator which excludes products at volatile prices and products at public tariffs, decreased by 0.6% in March 2025 compared to the previous month and increased by 1.5% year-on-year.
| MOROCCO | PUBLIC FINANCES | Figures in Q1 2025
At the end of March 2025, the treasury ordinary revenues rose by 21.6% to MAD 107.5 Bn. This reflects the increase of 21.5% in tax revenues to MAD 98.3 Bn and 27.3% in non-tax revenues to MAD 7.9 Bn.
Meanwhile, overall expenses amounted to MAD 106.7 Bn, up 35.1%, taking into account an increase of 30.4% in ordinary expenses to MAD 100.4 Bn and 25.6% in CAPEX to MAD 27.8 Bn. Note that subsidies expenses settled at MAD 6.0 Bn during the same period, down 27.8%.
