Morning Brief may 26th, 2023

FINANCIAL MARKET HEADLINES
| MOROCCO | MANAGEM | Revenue down 21% in Q1 2023
In Q1 2023, Managem's revenue stood at MAD 2,220 Mn against MAD 2,791 Mn in Q1 2022, i.e. a decrease of 20.5%. This is mainly attributed to the decline in the prices of Cobalt, Base Metals and Silver, slightly offset by the appreciation of the USD/MAD exchange rate by 8% and the consolidation of Cobalt and Base Metals production. Meanwhile, the Group's Gold production fell
during the same period.

| MOROCCO | MARSA MAROC | Consolidated revenue up 5% in Q1 2023
In Q1 2023, the overall traffic handled by the Group Marsa Maroc amounted to 12.7 MT, up 7% y-o-y. In this context, the operator’s consolidated revenue settled at MAD 1,004 Mn at the end of March 2023, up 4.6% compared to the same period of the previous year.

| MOROCCO | CMT | Revenue up 70% in Q1 2023
At the end of Q1 2023, CMT's revenue amounted to MAD 131 Mn against MAD 77 Mn in Q1 2022, rising by 70.1% year-on-year. This is mainly due to the increase in the sales volume of  concentrates combined with the favorable evolution of the USD/MAD exchange rate, despite the decline in the prices of the metals produced.

| MOROCCO | EQDOM | NBI down 7% in Q1 2023
In Q1 2023, Eqdom's Net Banking Income stood at MAD 132 Mn against MAD 142 Mn a year earlier, down 7.0% compared to the
same period of the previous year.

ECONOMIC HEADLINES
| CÔTE D’IVOIRE | FUNDING | A financial support of $ 3.5 Bn from the IMF
The International Monetary Fund (IMF) provides a financial support to Côte d'Ivoire worth $ 3.5 Bn under the EFF/ECF program for a period of 40 months. This aims to support the country’s transformation towards the status of upper middle-income country through the implementation of the National Development Plan (NDP) while preserving the country's macroeconomic stability.

 

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