Listed companies: Accelerated growth in Q4-24

Une année dynamique pour les sociétés cotées en bourse au T4-24

In 2024, the operational achievements of the listed companies on the Casablanca Stock Exchange took place in a favorable context. This was highlighted by the combination of several favorable factors, namely: (1) The confirmation of the deceleration of inflation to 0.9% on average against 6.4% over the period 2022-2023, (2) The resilience of economic growth around 3.0%, (3) The maintaining of the accommodative monetary policy by Bank Al-Maghrib and finally, (4) The confirmation of Morocco's investment dynamics which is positively reflected in the evolution of cement consumption. This accelerated in Q4-24 to +16.5% against an annual average of +9.5%.

Strong performance for listed companies

As of today, 68 listed companies representing more than 99% of the overall market capitaliza-tion have released their revenue growth as at FY 2024.

The main messages are summarized as follows:

• In Q4-24, listed companies show an acceleration in revenue growth to +10.2%. This is a growth rate twice the average observed during the last three quarters set at +4.7%;
• In 2024, the market’s aggregate revenue exceeds the MAD 300 Bn threshold for the first time through an annual increase of +5.9%. As expected, this growth dynamic is driven by three sectors, namely: Ports (+15.9%; MAD +688 Mn), Mines (+14.6%; MAD +1,336 Mn) and Banks (+12.7%; MAD +10,275 Mn);
• Our growth forecasts for the year 2024E (Cf. AGR-30 Forecasts 24E-25E) are in line with the commercial achievements of the market. The revenue published by the listed companies of AGR-30 shows a growth of +5.7% against an AGR estimate of +5.5%. Also, the annual revenue Achievement Rates vary between 97% and 107% for the different covered sectors;
• In our view, investors would be particularly attentive during this month of March to the release of listed companies’ profitability indicators as well as to their announcements regarding their outlook for the year 2025. According to our initial forecasts, the AGR-30 would show a record a profit growth of +16.0% in 2024, after +8.6% in 2023. A performance largely supported by the banking sector. Recall that the four banks which have already released their net income (Attijariwafa bank, BCP, BMCI and CFG Bank) recorded a solid profit growth in 2024 of +25%.