FINANCIAL MARKET HEADLINES
| MOROCCO | CTM | Profit warning
In a press release, CTM forecasts a decline of 40% in its revenue during FY 2020 as well as a loss. This is explained by (1) the es-tablished lockdown with the total suspension of public passenger transport between March 20th and June 25th 2020 and (2) the restrictions on inter-city travel imposed during the rest of the year .
| MOROCCO | AFMA | Acquisition of a majority stake in Assurance Al Fahd
AFMA acquired a majority stake in the company Assurance Al Fahd, which is an insurance broker based in Rabat.
| TUNISIA | ATTIJARI BANK | NBI up 1% in 2020
In 2020, Attijari Bank's NBI grew by 0.8% to TND 488.2 Mn. Similarly, loans and deposits increased by 4.9% and 11.9% respectively.
| TUNISIA | ENNAKL AUTOMOBILES | Revenue down 2% in 2020
In 2020, Ennakl Automobiles's revenue fell by 2.1% to TND 400.1 Mn. According to our computations, the gross margin improved by 2.0 pts to 17.7%.
ECONOMIC HEADLINES
| TUNISIA | GDP | IMF forecasts a 3.8% growth in 2021
According to the IMF, the Tunisian economy would record a growth rate of 3.8% in 2021, against an estimated decline of -8.2% in 2020.
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