Latest financial news

| MOROCCO | MARSA MAROC | NIGS up 25% in 2025, DPS raised to MAD 11

The main financial indicators of have evolved as follows:

  • Revenue increased from MAD 5,008 Mn in 2024 to MAD 5,785 Mn in 2025, representing growth of 15.5%.
  • EBITDA rose from MAD 2,624 Mn to MAD 3,192 Mn, an increase of 21.6%.
  • The EBITDA margin improved from 52.4% in 2024 to 55.2% in 2025, up 2.8 points.
  • NIGS increased from MAD 1,267 Mn to MAD 1,589 Mn, representing growth of 25.4%.
  • The net margin strengthened from 25.3% to 27.5%, up 2.2 points.
  • Finally, the dividend per share (DPS) rose from MAD 9.5 to MAD 11.0, reflecting an increase of 15.8%

| MOROCCO | SGTM | NIGS more than doubled in 2025, DPS raised to MAD 12

The financial performance of SGTM between 2024 and 2025 evolved as follows:

  • Revenue recorded strong growth, rising from MAD 11,099 Mn to MAD 15,165 Mn, an increase of 36.6%.
  • EBITDA increased from MAD 1,890 Mn to MAD 2,489 Mn, representing growth of 31.7%.
  • The EBITDA margin declined slightly from 17.0% to 16.4%, down 0.6 point.
  • NIGS posted a sharp increase, rising from MAD 590 Mn to MAD 1,342 Mn, a surge of 127.5%.
  • The net margin improved significantly, moving from 5.3% to 8.8%, up 3.5 points.
  • Finally, the dividend per share (DPS) rose from MAD 8.3 to MAD 12.0, reflecting a 44.6% increase.

Economic news

| MOROCCO | MONETARY POLICY | BAM kept its key rate unchanged at 2.25%

Following its monetary policy meeting held on March 17th 2026, decided to keep its key rate unchanged at 2.25%. 

According to the Central Bank, the growth rate of the Moroccan economy would have reached 4.8% in 2025 and would settle at 5.6% in 2026 before slowing to 3.5% in 2027.

| MOROCCO | INFLATION | The CPI down 0.6% YoY in February 2026

In February 2026, the Consumer Prices Index increased by 0.5% compared to the previous month taking into account the increase of 0.8% in the food products index and 0.3% in the non food products index. YoY, the inflation rate settled at -0.6%.

Note that the underlying inflation indicator, which excludes products at volatile prices and products at public tariffs, rose by 0.2% in February 2026 compared to the previous month and declined by 1.2% YoY.

| CÔTE D’IVOIRE | RATING | Moody's affirms Côte d’Ivoire's rating at "Ba2" with a stable outlook

As of March 13th 2026, affirmed Côte d’Ivoire's sovereign rating at "Ba2" with a stable outlook.

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