Latest financial news
| MOROCCO | BANK OF AFRICA | NIGS up 11% in 2025, DPS stable at MAD 5
In 2025, Bank of Africa reported an overall positive trend in its financial indicators. Net banking income reached MAD 20,339 million, up 8.7%, while gross operating income rose by 10.0% to MAD 11,033 million. This momentum was accompanied by a slight improvement in the GOI margin, which stood at 54.2%.
Cost of risk amounted to MAD 3,288 million, reflecting a contained increase of 3.5%. In this context, NIGS rose by 11.3% to MAD 3,814 million, with the net margin improving by 0.5 percentage points to 18.8%. The dividend per share was maintained at MAD 5.
| MOROCCO | CMT | A profit of MAD 196 Mn in 2025 against a loss of MAD -12 Mn in 2024
In 2025, CMT posted a strong recovery in its performance. Revenue increased by 17.8% to MAD 690 million, driving EBIT up to MAD 388 million (+30.3%). Operating profitability improved significantly, with the margin rising by 5.5 percentage points to 56.2%. As a result, NIGS reached MAD 196 million, compared to a loss of MAD 12 million a year earlier.
| MOROCCO | ALUMINIUM DU MAROC | Consolidated net income up 60% in 2025, DPS raised to MAD 110
In 2025, Aluminium du Maroc continued its growth trajectory. Revenue reached MAD 1,268 million, up 5.2%, while EBIT grew by 25.0% to MAD 119 million. The operating margin improved by 1.5 percentage points to 9.4%.
Net income stood at MAD 62 million, up 13.4%, while consolidated net income recorded a stronger increase of 60.4% to MAD 66 million. The net margin reached 4.9%, improving by 0.4 percentage points. The dividend per share was raised to MAD 110.
| MOROCCO | DARI COUSPATE | Consolidated net income up 20% in 2025
In 2025, Dari Couspate operated in a mixed environment. Revenue declined by 4.7% to MAD 818 million, while EBIT increased by 3.9% to MAD 73 million, leading to an improvement in the EBIT margin to 9.0% (+0.8 percentage points).
In this context, consolidated net income rose by 20.0% to MAD 52 million, with the net margin improving by 1.3 percentage points to 6.4%. No dividend was announced for 2025.
| MOROCCO | M2M GROUP | Consolidated net income down 68% in 2025
In 2025, M2M Group recorded strong business growth, with revenue up 23.4% to MAD 127 million. EBIT also increased significantly, reaching MAD 9 million (+72.8%), resulting in an improved EBIT margin of 7.2% (+2.1 percentage points).
Despite this positive operating momentum, consolidated net income declined sharply to MAD 7 million, compared to MAD 20 million in 2024, representing a decrease of 67.8%. The net margin contracted significantly, from 19.8% to 5.2%.
| TUNISIA-MOROCCO | ENNAKL AUTOMOBILES | Consolidated net income up 23% in 2025, DPS raised to TND 1
In 2025, Ennakl Automobiles reported positive performance trends. Revenue stood at TND 717 million, up 5.8%, while consolidated net income reached TND 60 million, increasing by 23.4%.
This improvement was reflected in profitability, with the net margin rising by 1.2 percentage points to 8.3%. In this context, the dividend per share was raised to TND 1, compared to TND 0.88 a year earlier.
| MOROCCO | CMT | Ayrad Group Limited acquired an indirect 37.04% stake in CMT
In a press release, CMT announced the conclusion of an agreement between Strategos Ventures Limited (SVL) and Ayrad Group Limited, under which Ayrad will acquire 100% of the shares of OSEAD Fund, which indirectly holds, through the Moroccan company OMM, 37.04% of CMT’s par capital, for a total amount of $ 130 Mn.
As part of this transaction, the parties have agreed to definitively settle two ongoing disputes involving CMT, namely:
- The dispute between OMM and CMT relating to a loan granted by CMT to OMM in 2012, in consideration for the payment to CMT of the dirham equivalent of $ 35 Mn;
- The dispute between Shaba Metals LLC, an entity affiliated with SVL, and CMT concerning the execution of offtake agreements concluded in 2024, in consideration for the payment of $ 12 Mn to CMT.
Furthermore, Ayrad and CIMR intend to jointly acquire control of CMT, which would be formalized through the signing of a shareholders’ agreement, the entry into force of which would be subject to obtaining approval from the Competition Council. Following this acquisition of control, Ayrad would indirectly hold 37.04% of CMT’s capital, while CIMR would hold 16.12%. This joint control would subsequently trigger the launch of a mandatory takeover bid for all CMT shares, subject to prior approval by the AMMC.
Finally, CMT’s Board of Directors has authorized the conclusion of a settlement agreement with Office des Changes, involving the payment of a settlement amount of MAD 182 Mn, resulting in the termination of legal proceedings initiated against CMT in connection with the two litigation cases.
