Morning Brief May 16th, 2024

FINANCIAL MARKETS HEADLINES

| MOROCCO | CFG BANK | Consolidated NBI up 44% In Q1 2024

In Q1 2024, the consolidated NBI of CFG Bank stood at MAD 208 Mn, up 44% compared to the same period of the previous year. For its part, the Group’s consolidated Gross Operating Income rose by 98% to MAD 105 Mn at the end of March 2024.

| MOROCCO | JET CONTRACTORS | Consolidated revenue up 16% in Q1 2024

In Q1 2024, the consolidated revenue of Jet Contractors amounted to MAD 603 Mn compared to MAD 521 Mn in Q1 2023, i.e. an increase of 16%.

ECONOMIC HEADLINES

| MOROCCO | FISHING | Sector’s revenue up 1% at the end of April 2024

According to the National Fisheries Office, landings of inshore and artisanal fishery products declined by 8% at the end of April 2024 to stand at 268,668 tons. Meanwhile, the sector's revenue settled at MAD 3.6 Bn increasing by 1% compared to the same period of the previous year.

| TUNISIA | FOREIGN TRADE | Reduction of the trade deficit at the end of April 2024

During the first four months of 2024, Tunisia's exports increased by 4.8% to TND 21,245.2 Mn. Meanwhile, imports fell by 1.8% during the same period to TND 26,017.1 Mn. In this context, the trade deficit went from TND -6,238.2 Mn at the end of April 2023 to TND -4,772.0 Mn at the end of April 2024. Finally, the coverage rate settled at 81.7%, i.e. an improvement of 5.2 pts.

 

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