Morning Brief February 26th, 2024

FINANCIAL MARKET HEADLINES
| MOROCCO | EQDOM | NBI down 6% in 2023
During the FY 2023, Eqdom showed a Net Banking Income of MAD 547 Mn against MAD 582 Mn a year earlier, recording a de-crease of 6%.

| CÔTE D’IVOIRE | ORANGE CI | Net income up 1% in 2023
In 2023, Orange CI revenue amounted to FCFA 1,016.5 Bn, up 5.3% y-o-y. Likewise, the operator's net income increased by 0.9% to FCFA 154.9 Bn during the same period.

| SENEGAL | SONATEL | Net income up 19% in 2023
In 2023, Sonatel SN revenue stood at FCFA 1,620.7 Bn, i.e. an increase of 11.4% y-o-y. Likewise, the operator's net income rose by 18.9% to FCFA 331.8 Bn during the same period.

ECONOMIC HEADLINES
| MOROCCO | PUBLIC FINANCES | Figures during January 2024
In January 2024, Treasury ordinary revenue increased by 7.3% to MAD 27.2 Bn. This trend reflects the increase of 5.3% in tax rev-enue to MAD 24.7 Bn and 34.3% in non-tax revenue to MAD 1.9 Bn.

Meanwhile, overall expenses reached 28.9 Bn, up 16.4%, taking into account a 6.6% increase in ordinary expenses to MAD 26.2 Bn and 0.4% decrease in CAPEX to MAD 12.3 Bn. Note that the subsidies expenses settled at MAD 3.2 Bn during the same period, up 25.2%.