Morning Brief February 27th, 2024

FINANCIAL MARKET HEADLINES
| MOROCCO | CIMENTS DU MAROC | Consolidated revenue up 7% in 2023
In 2023, Cimar displayed a consolidated revenue of MAD 4,333 Mn against MAD 4,068 Mn a year earlier, recording an increase of 6.5%.

| MOROCCO | HPS | Global revenue up 17% in 2023
In Q4 2023, HPS' global revenue amounted to MAD 336 Mn, up 23% y-o-y. In 2023, the Group's global revenue recorded an increase of 17% to MAD 1,179 Mn.

| MOROCCO | UNIMER | Consolidated revenue up 1% in 2023
In Q4 2023, Unimer posted a consolidated revenue of MAD 383 Mn, down 9.9% y-o-y. In 2023, the Group's consolidated revenue rose by 1.2% to MAD 1,384 Mn.

| MOROCCO | CARTIER SAADA | Revenue up 1% during the period from 04/01/2023 to 12/31/2023
During the period from 04/01/2023 to 12/31/2023, Cartier Saada's revenue increased by 1% to MAD 182.1 Mn. This results from the improvement in local revenue of 77.5% to MAD 10.3 Mn against a decline of 1.6% in export revenue to MAD 171.8 Mn.

ECONOMIC HEADLINES
| NIGER | INFLATION | An inflation rate of 6,9% in January 2024
According to the National Institute of Statistics (INS), Niger's Harmonized Consumer Prices Index rose by 0.2% in January 2024 compared to the previous month. Year-on-year, the inflation rate stood at 6.9%.

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