Financial and economic news – March 31

Latest financial news

| MOROCCO | TGCC | NIGS up 82% in 2025, DPS raised to MAD 15

TGCC continues to post strong growth momentum, as reflected in the following financial indicators:

• Global revenue increased by 53.7% to MAD 12,382 Mn.
• EBITDA more than doubled to MAD 2,637 Mn, up 124%, lifting the EBITDA margin to 21.3% (+6.7 pts).
• NIGS rose by 82.4% in 2025 to MAD 952 Mn.
• Net margin improved to 7.7% (+1.2 pt).
• DPS was raised to MAD 15, up 30.4%.

| MOROCCO | JET CONTRACTORS | Consolidated net income up 69% in 2025, DPS raised to MAD 20

Jet Contractors posted solid performance growth, as illustrated by the figures below:

• Revenue increased by 17.3% to MAD 3,658 Mn.
• EBITDA rose by 52.8% to MAD 538 Mn, with an EBITDA margin of 14.7% (+3.4 pts).
• Consolidated net income increased by 69.2% in 2025, and DPS was raised to MAD 20 (+33.3%).
• Net margin improved by 1.9 pts to 6.2%.

| MOROCCO | EQDOM | A profit of MAD 99 Mn in 2025, DPS set at MAD 57

EQDOM confirms the resilience of its business, with significantly improved results:

• Net banking income increased by 9.4% to MAD 602 Mn.
• EBIT rose by 73% to MAD 160 Mn, pushing the EBIT margin to 26.6% (+9.8 pts).
• NIGS reached MAD 99 Mn in 2025, and DPS was set at MAD 57.
• Net margin stood at 16.4%.

| MOROCCO | STROC INDUSTRIE | A profit of MAD 0.5 Mn in 2025 against a loss of MAD -12.5 Mn in 2024

Stroc Industrie shows clear signs of recovery, as reflected in the following figures:

• Revenue increased by 47.5% to MAD 174 Mn.
• EBIT moved from a loss of MAD -14 Mn to a profit of MAD 16 Mn, an improvement of MAD 30 Mn.
• Net income improved by MAD 13 Mn.
• Net margin stood at 0.3%.

| MOROCCO | STOKVIS NORD AFRIQUE | NIGS up 25% in 2025

Stokvis Nord Afrique reports the following financial highlights:

• Revenue amounted to MAD 219 Mn, down 34.4%.
• EBIT improved from MAD -17 Mn to MAD 32 Mn in 2025, a gain of MAD 49 Mn.
• EBIT margin stood at 14.8%.
• NIGS increased by 25% to MAD 26 Mn.
• Net margin improved to 11.9%, up 5.6 pts.

| MOROCCO | SALAFIN | Net income up 3% in 2025, DPS raised to MAD 30

Salafin reports the following financial indicators:

• Net banking income increased by 1.4% to MAD 384 Mn.
• EBIT rose by 20.8% to MAD 200 Mn.
• EBIT margin improved to 52.2% (+8.4 pts).
• Net income reached MAD 96 Mn, up 3.2%.
• Net margin stood at 25% (+0.4 pt).
• DPS was raised to MAD 30 (+1.7%).

| MOROCCO | DISTY TECHNOLOGIES | Net income up 34% in 2025, DPS raised to MAD 19.5

Disty Technologies reports the following financial data:

• Revenue increased by 16.5% to MAD 638 Mn.
• EBITDA rose by 18.7% to MAD 38 Mn.
• EBITDA margin edged up to 6% (+0.1 pt).
• Net income surged by 33.6% to MAD 25.8 Mn.
• Net margin improved to 4% (+0.5 pt).
• DPS was raised to MAD 19.5 (+18.2%).

| MOROCCO | SNEP | A loss of MAD -193 Mn in 2025

SNEP reports the following indicators:

• Revenue increased by 17.7% to MAD 746 Mn.
• EBITDA improved by MAD 64 Mn, narrowing from MAD -145 Mn to MAD -81 Mn.
• Net income declined to MAD -193 Mn, down MAD 118 Mn.
• Net margin was not meaningful.
• Consolidated net income fell to MAD -185 Mn, a deterioration of MAD 141 Mn.

| MOROCCO | UNIMER | A profit of MAD 11 Mn in 2025 against a loss of MAD -28 Mn in 2024

Unimer reports the following results:

• Revenue stood at MAD 1,085 Mn, down 13.9%.
• EBITDA declined by 10.2% to MAD 44 Mn.
• EBITDA margin improved to 4.1% (+0.2 pt).
• Consolidated net income swung from a loss of MAD -28 Mn to a profit of MAD 11 Mn, an improvement of MAD 39 Mn.
• Net margin stood at 1%.

Economic news

| MOROCCO | BANK LOANS | An increase of 8% at the end of February 2026

At the end of February 2026, bank loans reached MAD 1,224.6 Bn, down 0.3% compared to the previous month and up 8.3% YoY. In more detail, mortgages loans (MAD 322.7 Bn), equipment loans (MAD 308.1 Bn), treasury loans (MAD 245.9 Bn) and consumer loans (MAD 61.2 Bn) show respective increases of 3.6%, 25.6%, 0.2% and 3.9%. Finally, non-profitable loans recorded an increase of 5.1% to settle at MAD 103.2 Bn.

| TOGO | GDP | The CNC forecasts a growth rate of 6.5% in 2026

According to the latest forecasts of the National Credit Council (CNC) of Togo, the country’s economic growth would have reached 6.2% in 2025. In 2026, the institution forecasts an economic growth of 6.5%.