Latest financial news
| MOROCCO | MUTANDIS | Recurring net income up 10% in 2025, DPS stable at MAD 10.5
The financial performance of Mutandis in Morocco shows mixed trends between 2024 and 2025.
- Revenue declined from MAD 2.117 billion in 2024 to MAD 2.022 billion in 2025, a decrease of 4.5%.
- EBITDA also fell, dropping from MAD 351 million to MAD 315 million, representing a 10.2% decline.
- The EBITDA margin narrowed slightly from 16.6% to 15.6%, down by 1 percentage point.
- In contrast, recurring net income improved, rising from MAD 128 million in 2024 to MAD 140 million in 2025, an increase of 9.6%.
- However, NIGS saw a sharp drop, falling from MAD 159 million to MAD 126 million, a decrease of 20.9%. As a result, the net margin decreased from 7.5% to 6.2%.
- Finally, the dividend per share (DPS) remained unchanged at MAD 10.5 for both years.
| MOROCCO | VICENNE | Consolidated revenue up 30% in 2025
In Q4 2025, Vicenne’s consolidated revenue reached MAD 389 Mn up 38.9% YoY. In the FY 2025, the company’s consolidated revenue recorded an increase of 29.5% to MAD 1,084 Mn.
| MOROCCO | AFRIC INDUSTRIES | Revenue up 2% in 2025
In Q4 2025, Afric Industries’ revenue reached MAD 9.9 Mn down 2.5% YoY. In the FY 2025, the company’s revenue increased by 2.0% to settle at MAD 44.0 Mn.
Economic news
| SENEGAL | FOREIGN TRADE | Reduction of the trade deficit in 2025
According to the National Agency for Statistics and Demography (ANSD), Senegal's exports jumped by 51.8% in 2025 to FCFA 5,935 Bn. Furthermore, imports rose by 1.6% to FCFA 7,279 Bn during the same period. In this context, the trade deficit stood at FCFA -1,344 Bn in 2025, compared to FCFA -3,252 Bn a year earlier.
