Morning Brief August 28th 2023

FINANCIAL MARKET HEADLINES
| MOROCCO | LESIEUR CRISTAL | Consolidated revenue down 16% in H1 2023
In Q2 2023, Lesieur Cristal posted a consolidated revenue of MAD 1,212 Mn, down 38% year-on-year. In this context, the opera-tor's consolidated revenue fell by 16% in H1 2023 to MAD 3,039 Mn.

| MOROCCO | SNEP | Revenue down 23% in H1 2023
In Q2 2023, SNEP's revenue amounted to MAD 205.9 Mn against MAD 312.8 Mn a year earlier, i.e. a decline of 34.2%. In H1 2023, this fell by 23.3% to MAD 478.3 Mn. This is mainly attributed to the drop of more than 35.6% in PVC selling price combined with the scheduled shutdowns necessary to carry out the start-up tests for new installations.

ECONOMIC HEADLINES
| NIGER | INFLATION | An inflation rate of 3.1% in July 2023
According to the National Institute of Statistics (INS), Niger's Harmonized Consumer Prices Index rose by 2.1% in July 2023 com-pared to the previous month. Year-on-year, the inflation rate stands at 3.1%.

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