Morning Brief of February 26th 2025

FINANCIAL MARKET HEADLINES

| MOROCCO | ATTIJARIWAFA BANK | NIGS up 27% in 2024, DPS raised to MAD 19

| MOROCCO | CIMENTS DU MAROC | Consolidated revenue up 1% in 2024
In 2024, Cimar's consolidated revenue amounted to MAD 4,387 Mn against MAD 4,333 Mn a year earlier, recording an increase of 1.2% year-on-year.

| MOROCCO | AKDITAL | Consolidated revenue up 55% in 2024
In Q4 2024, Akdital's consolidated revenue reached MAD 936 Mn, up 61% year-on-year. In 2024, the company's consolidated revenue rose by 55% to MAD 2,954 Mn.

| MOROCCO | MARSA MAROC | Signing of the concession agreement relating to the NWM West Terminal
In a press release, Marsa Maroc announces the signature of the concession documents for the West Terminal of the Nador West Med port for a period of 25 years.

Marsa Maroc will mobilize, with its partners, an investment estimated at € 280 Mn for the construction of the first phase of this new terminal, which is scheduled to come into service from 2027.

| MOROCCO | EQDOM | NBI down 1% in 2024
In 2024, Eqdom's Net Banking Income stood at MAD 543 Mn against MAD 548 Mn a year earlier, recording a decrease of 0.9% year-on-year.

| MOROCCO | CARTIER SAADA | Revenue up 14% during the period from 04/01/2024 to 12/31/2024
During the period from 04/01/2024 to 12/31/2024, Cartier Saada's revenue rose by 13.5% to MAD 206.7 Mn. In this context, exports represented 98.7% of the company's revenues, up 18.8% during the same period.

ECONOMIC HEADLINES

| MOROCCO | PUBLIC FINANCES | Figures at the end of January 2025
At the end of January 2025, treasury ordinary revenues rose by 19.3% to MAD 32.5 Bn. This trend reflects the 24.6% increase in tax revenues to MAD 30.8 Bn and decrease of 44.5% in non-tax revenues to MAD 1.2 Bn.

Meanwhile, overall expenses amounted to MAD 39.3 Bn, up 35.8%, taking into account an increase of 60.7% in ordinary expenses to MAD 42.1 Bn and 6.1% in CAPEX to MAD 13.0 Bn. Note that subsidies expenses settled at MAD 2.1 Bn during the same period, down 34.5%.

| NIGER | INFLATION | An inflation rate of 4.2% in January 2025
According to the National Institute of Statistics (INS), the Harmonized Consumer Prices Index of Niger fell by 0.3% in January 2025 compared to the previous month. On an annual basis, the inflation rate stood at 4.2%.

 

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