Morning Brief march 21st, 2023

FINANCIAL MARKET HEADLINES
| MOROCCO | LESIEUR CRISTAL | NIGS up 47% in 2022, DPS raised to MAD 4.5

| MOROCCO | SMI | A profit of MAD 35 Mn in 2022

| MOROCCO | ARADEI CAPITAL | FFO GS up 17% in 2022, DPS raised to MAD 19.2

ECONOMIC HEADLINES
| MOROCCO | PUBLIC FINANCES | Figures at the end of February 2023
At the end of February 2023, Treasury ordinary revenue jumped by 10.7% to MAD 43.1 Bn. This results from the increase of 10.8% in tax revenue to MAD 251.9 Bn and decrease of 2.7% in non-tax revenue to MAD 2.2 Bn.
Overall expenses reached MAD 53.7 Bn up 9.0%, following the 7.8% increase in ordinary expenses to MAD 51.0 Bn and 9.6% in CAPEX to MAD 16.4 Bn. Note that subsidies expenses settled at MAD 5.7 Bn, up 7.6% y-o-y.

| NIGER | INFLATION | An inflation rate of 1.1% in February 2023
According to the National Institute of Statistics (INS), Niger's Harmonized Consumer Price Index (IHPC) fell by 0.3% in February 2023 compared to the previous month. Year-on-year, the inflation rate stands at +1.1%.

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