Morning Brief September 11, 2020

FINANCIAL MARKET HEADLINES

| MOROCCO | CIH BANK | NIGS down 70% in H1 2020

Indicators (MAD Mn)	H1 2019	H1 2020	Change
NBI	1198	1403	17,1%
Gross Operating Income	408	439	7,6%
GOI margin	34,1%	31,3%	-2,8pts
Cost of Risk	170	415	144,6%
NIGS	151	46	69,8%
Net margin	12,6%	3,3%	-9,3pts

 

| MOROCCO | EQDOM | NIGS down 68% in H1 2020

Indicators (MAD Mn)	H1 2019	H1 2020	Change
NBI	273	250	-8,03%
EBIT	120	52	-56,4%
EBIT margin	44,0%	20,09%	-23,1pts
NIGS	69	22	-68,4%
Net margin	25,3%	8,7%	-16,6pts

 

| MOROCCO | ATLANTA | Characteristics of the capital increase following the merger-absorption of Sanad

AMMC approved on September 10th 2020, a prospectus relating to the capital increase of Atlanta SA following the mergerabsorption of Sanad SA. This capital increase concerns a total of 93,159 shares which will be issued under the following terms:

• Exchange parity: 11 shares of Atlanta for 1 share of Sanad;
• Total amount of the operation: MAD 8,263,203;
• Issue price: MAD 88.7 per share;
• Par value: MAD 10.0 per share.

| MOROCCO | ZELLIDJA | Profit warning

In a press release, Zellidja announces a decline in its H1 2020 results due to the recognition of a provision for depreciation of equity securities of the company Fenie Brossette. In this context, the company forecasts a loss of MAD -13.9 Mn at the end of June 2020.

ECONOMIC HEADLINES

| MALI | INFLATION | Prices up 2.1% y-o-y in August 2020

According to the National Institute of Statistics of Mali, the Harmonized Consumer Prices Index increased by 0.7% in August 2020, compared to the previous month. On a year-over-year basis, the country’s inflation rate stood at 2.1% below the community convergence threshold set by WAEMU.

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