Economic and financial headlines of March 24, 2025

Financial Market Headlines

| MOROCCO | CIMAR | Consolidated net income down 6% in 2024, DPS set at MAD 60

| MOROCCO | AUTO HALL | Income before tax down 17% in 2024, DPS stable at MAD 2

| MOROCCO | CMGP GROUP | Consolidated net income up 49% in 2024, DPS set at MAD 6.3

Economic Headlines

| MOROCCO | PUBLIC FINANCES | Figures at the end of February 2025

At the end of February 2025, treasury ordinary revenues rose by 7.4% to MAD 53.7 Bn. This reflects the 17.4% increase in tax rev enues to MAD 51.5 Bn and a decrease of 76.1% in non-tax revenues to MAD 1.2 Bn.

Meanwhile, overall expenses amounted to MAD 78.4 Bn, up 31.3%, taking into account an increase of 41.4% in ordinary expenses to MAD 74.5 Bn and a stagnation in CAPEX to MAD 16.9 Bn. Note that subsidies expenses settled at MAD 4.0 Bn during the same period, down 24.5%.

| MOROCCO | RATING | Moody's confirms Morocco's rating at "Ba1" with a stable outlook

As of March 21st 2025, the international rating agency Moody's maintained Morocco's sovereign rating unchanged at "Ba1" with a stable outlook.

| BENIN | FOREIGN TRADE | Figures in Q4 2024

According to the National Institute of Statistics and Demography (INStaD), Benin's exports declined by 20.4% in Q4 2024 to FCFA 113.1 Bn. Likewise, imports of goods fell by 17.7% during the same period to FCFA 495.8 Bn.