Morning Brief November 30, 2020

FINANCIAL MARKET HEADLINES

| MOROCCO | BMCI | NIGS down 75% at the end of September 2020

Indicateurs (MDH)	H1 2019	H1 2020	Variation
NBI	2 278	2 302	1,1%
Gross Operating Income	1 052	1 004	-4,6%
GOI margin	46,2%	43,6%	-2,6 pts
Cost of risk	306	736	140,6%
NIGS	468	117	-74,9%
Net margin	20,5%	5,1%	-15,4 pts
Recurring NI*	469	162	-65,5%

 

| MOROCCO | LAFARGEHOLCIM MAROC | Consolidated Revenue down 15% at the end of September 2020

In Q3 2020, LafargeHolcim Maroc's consolidated revenue stood at MAD 1,753 Mn, down 7.9% y-o-y. In this context, the operator’s consolidated revenue decreased by 14,8% at the end of September 2020 to MAD 4,938 Mn.

MOROCCO | LABEL VIE | Consolidated revenue up 8% at the end of September 2020

In Q3 2020, Label Vie's consolidated revenue amounted to MAD 2,859 Mn, down 2.1% year-on-year. Meanwhile, the consolidated revenue of the operator at the end of September 2020 recorded an increase of 8.4% to MAD 8,239 Mn.

| MOROCCO | IMMORENTE | Consolidated revenue up 15% at the end of September 2020

In Q3 2020, Immorente’s consolidated revenue decreased by 19.1% to MAD 14.8 Mn. At the end of September 2020, this amounted to MAD 44.3 Mn, i.e. an increase of 15.4% compared to the same period of the previous year.

| MOROCCO | TOTAL MAROC | Consolidated revenue down 29% at the end of September 2020

In Q3 2020, the consolidated revenue of Total Maroc declined by 33.9% to MAD 2,174 Mn. Likewise, the consolidated revenue at the end of September 2020 declined by 29.1% to MAD 6,607 Mn.

| MOROCCO | UNIMER | Consolidated revenue down 22% at the end of September 2020

In Q3 2020, UNIMER's consolidated revenue declined by 24.8% to MAD 228 Mn. Cumulatively, the company's consolidated revenue is down 22.2% at the end of September 2020.

| MOROCCO | AUTO HALL | Consolidated revenue down 20% at the end of September 2020

At the end of September 2020, Auto Hall's volume sales stood at 12,912 units compared to 14,474 units a year earlier, i.e. a decline of 10.8%. In addition, the consolidated revenue of the company decreased by 19.7% during the same period to MAD 2,550 Mn.

| MOROCCO | M2M | Consolidated revenue down 63% at the end of September 2020

During the third quarter of 2020, the consolidated revenue of M2M amounted to MAD 16 Mn, a decrease of 62.8%. In this context, the operator's consolidated revenue recorded a drop of 62.7% to MAD 50 Mn at the end of September 2020.

| MOROCCO | WAFA ASSURANCE | Revenue down 6% at the end of September 2020

During the third quarter of 2020, Wafa Assurance's revenue stood at MAD 1,686 Mn, i.e. a decline of 19.9% year-on-year. In this context, the operator's revenue fell by 5.6% to MAD 6,383 Mn at the end of September 2020.

| MOROCCO | AFMA | Consolidated revenue up 3% at the end of September 2020

In Q3 2020, Afma's consolidated revenue stood at MAD 29.2 Mn, up 8.8% year-on-year. Likewise, the operator's consolidated reve-nue at the end of September 2020 recorded an increase of 3.4% to MAD 143.3 Mn.

| MOROCCO | DLM | Consolidated revenue down 29% at the end of September 2020

In Q3 2020, DLM recorded consolidated revenue down 41.2% to MAD 22.4 Mn. At the end of September 2020, this amounted to MAD 157.9 Mn, down 29.0% compared to the same period of the previous year.

| MOROCCO | SBM | Consolidated revenue down 10% at the end of September 2020

In Q3 2020, SBM's consolidated revenue is down 9.0% to MAD 802 Mn. In this context, the consolidated revenue at the end of Sep-tember 2020 recorded a drop of 9.8% to MAD 1,680 Mn.

| MOROCCO | SALAFIN | NBI down 15% at the end of September 2020

In Q3 2020, Salafin's NBI declined 9.5% to MAD 94 Mn. In addition, the company's net banking income is down 14.9% to MAD 277 Mn at the end of September 2020.

| MOROCCO | EQDOM | NBI down 5% at the end of September 2020

At the end of September 2020, Eqdom's Net Banking Income declined by 5.2% to reach MAD 382 Mn against MAD 403 Mn a year earlier.

| MOROCCO | CTM | Consolidated revenue down 47% at the end of September 2020

During the third quarter of 2020, CTM's consolidated revenue amounted to MAD 98 Mn, a decrease of 53.3%. In this context, the consolidated revenue of the operator recorded a decrease of 46.6% to MAD 272 Mn at the end of September 2020.

| MOROCCO | RDS | Revenue down 19% at the end of September 2020

In Q3 2020, RDS revenue increased by 11.4% to MAD 98 Mn. In addition, the revenue at the end of September 2020 recorded a de-crease of 19.3% to MAD 568 Mn.

| MOROCCO | ZELLIDJA | Revenue down 67% at the end of September 2020

In the third quarter of 2020, Zellidja's revenue is down 59% to KMAD 36. In this context, the operator's revenue fell by 67.0% to KMAD 86 at the end of September 2020.

| MOROCCO | REBAB COMPANY | Revenue down 49% at the end of September 2020

In Q3 2020, the revenue of Rebab Company is down 47.8% to KMAD 12. In this context, the Group’s revenue fell by 48.9% to KMAD 23 at the end of September 2020.

| MOROCCO | LYDEC | Revenue down 5% at the end of September 2020

In Q3 2020, Lydec’s revenue is down 2.3% to MAD 1,844 Mn. In this context, the Group's revenue fell by 4.6% to MAD 5,255 Mn at the end of September 2020.

| MOROCCO | AFRIC INDUSTRIES | Revenue down 9% at the end of September 2020

During the third quarter of 2020, Afric Industries revenue stood at MAD 13.3 Mn, an increase of 19.6% year-on-year. In this con-text, the operator’s revenue fell by 9.3% to MAD 30.5 Mn at the end of September 2020.

| MOROCCO | JET CONTRACTORS | Consolidated revenue down 19% at the end of September 2020

In Q3 2020, the consolidated revenue of Jet Contractors fell by 17.7% to MAD 368 Mn. In addition, the revenue at the end of Sep-tember 2020 recorded a decline of 18.7% to MAD 1,032 Mn.

| MOROCCO | MED PAPER | Revenue down 37% at the end of September 2020

In the third quarter of 2020, Med Paper's revenue is down 30.3% to MAD 15.2 Mn. In this context, the operator's revenue fell by 36.6% to MAD 38.2 Mn at the end of September 2020.

| MOROCCO | S2M | Consolidated revenue down 4% at the end of September 2020

In Q3 2020, S2M's consolidated revenue is down 7.0% to MAD 57.1 Mn. In addition, the revenue at the end of September 2020 shows a decrease of 3.7% to MAD 164.2 Mn.

| MOROCCO | SONASID | Consolidated revenue down 21% at the end of September 2020

In the third quarter of 2020, Sonasid's revenue increased by 4.8% to MAD 899 Mn. In addition, the operator's revenue fell by 21.2% to MAD 2,106 Mn at the end of September 2020.

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