Morning Brief april 21th, 2021

FINANCIAL MARKET HEADLINES
| MOROCCO | SRM | Revenue up 29% in Q1 2021
In Q1 2021, SRM's revenue increased by 28.9% year-on-year to MAD 39.5 Mn. Meanwhile, the EBIT stood at MAD -3.6 Mn in Q1 2021 against MAD -5.1 Mn in Q1 2020.

| TUNISIA | SAH | Consolidated revenue up 5% in Q1 2021
In Q1 2021, SAH's consolidated revenue rose by 5.4% to settle at TND 170.9 Mn. Likewise, the EBITDA margin improved by 0.9 pt to 20.0%.

ECONOMIC HEADLINES
| NIGER | INFLATION | Prices up 3.9% y-o-y in March 2021
According to the National Institute of Statistics, the Harmonized Consumer Price Index of Niger fell by 0.4% in March 2021 com-pared to the previous month. Year-on-year, the inflation rate stands at +3.9% above the community convergence threshold of 3.0% set by WAEMU.

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