Morning Brief November 23, 2020

FINANCIAL MARKET HEADLINES

| MOROCCO | BANK OF AFRICA | Reported NIGS down 59% at the end of September 2020

Indicators (MAD Mn)	H1 2019	H1 2020	Variation
NBI	10 369	10 425	0,5%
RBE	4 367	3 774	-13,6%
Gross Operating Income	42,1%	36,2%	-5,9 pts
GOI margin	1 409	2 567	82,2%
Cost of risk	1 476	613	-58,5%
NIGS	14,2%	5,9%	-8,3pts
Recurring NIGS*	1 476	1 243	-15,8%

 

| MOROCCO | COLORADO | Revenue down 10% at the end of September 2020

In Q3 2020, Colorado's revenue jumped by 26.5% to MAD 155.4 Mn. Meanwhile, the operator's turnover fell by 10.3% at the end of September 2020 to MAD 330.9 Mn against MAD 368.9 Mn a year earlier.

| MOROCCO | PROMOPHARM | Revenue up 8% at the end of September 2020

In Q3 2020, Promopharm's revenue reached MAD 134.3 Mn, up 10.6% year-on-year. At the end of September 2020, this posted an increase of 8.1% to MAD 390.6 Mn.

ECONOMIC HEADLINES

| MOROCCO | CPI | An increase of 1.3% y-o-y in October 2020

In October 2020, the consumer price index increased by 0.1% from the previous month. This evolution takes into account a 0.1% increase in the food index and a stagnation of the non-food index. On a y-o-y basis, the CPI rose by 1.3%. Note that the underlying inflation indicator, which excludes products with volatile prices and products with public tariffs, remained stable compared to September 2020 and increased by 0.2% compared to October 2019.

| TUNISIA | INDUSTRY | Production down 6% at the end of September 2020

During the first nine months of 2020, industrial production in Tunisia decreased by 5.6% y-o-y. This is the result of the decline recorded in almost all sectors, in particular the mechanical and electrical industries (-17.3%); the textile, clothing and leather industry (-20.3%); the building materials, ceramics and glass industry (-16.1%) and the paper and cardboard industry (-15.3%).

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