Morning Brief May 28th, 2024

FINANCIAL MARKET HEADLINES

| MOROCCO | MARSA MAROC | Consolidated revenue up 14% in Q1 2024
In Q1 2024, the consolidated revenue of Marsa Maroc amounted to MAD 1,140 Mn compared to MAD 1,004 Mn in Q1 2023, i.e. an increase of 14%.

| MOROCCO | AFMA | Consolidated revenue up 8% in Q1 2024
At the end of March 2024, AFMA posted a consolidated revenue of MAD 86.2 Mn, i.e. an increase of 7.7% compared to the same period of the previous year.

| MOROCCO | SOTHEMA | Consolidated revenue up 10% in Q1 2024
In Q1 2024, Sothema's consolidated revenue stood at MAD 656 Mn compared to MAD 597 Mn in Q1 2023, recording an increase of 10%.

| MOROCCO | SOTHEMA | Sothema sells its stake in its subsidiary Azerys
In a press release, Sothema announces the signing, on May 17th 2024, of a contract for the sale of its stake (51%) held in its sub-sidiary “AZERYS” for an estimated amount of MAD 35 Mn. The transaction will reduce Sothema's debt level while the capital gain generated will not have a significant impact on consolidated net income. Note that this transaction should be completed in June 2024.

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ECONOMIC HEADLINES

| CEMAC | CCPI | An increase of 7% in Q1 2024
According to BEAC, the Composite Commodity Price Index exported by CEMAC countries shows an increase of 6.8% in the first quarter of 2024 quarter-on-quarter. This was mainly driven by the increase in prices of agricultural products.

 

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