Listed Companies - H1-24 Results

EXECUTIVRE SUMMARY

For the H1-24, listed companies have published positive operational and financial results. This is reflected through a 56% achievement rate( of profits in H1-24, compared to our initial forecasts re-garding the AGR-30 stock universe.
In this context, we have witnessed a good momentum of the Equity market through a cumulative performance of the MASI index of +1.3% since the start of the half-yearly results publication period in August 2024, combined with a dynamic trading volumes. In fact, the ADV has reached a level above MAD 200 Mn over the last two months.

At the end of June 2024, 71 listed companies reported their mid-term results, representing more than 99% of the market’s capitalization. In this context, our analysis of the market’s aggregate profits highlights the following conclusions:

- The recurring operating income (EBIT) shows a greater increase than that of revenues, i.e. +17.2% Vs. +4.2% respectively, allo wing an improvement in the operating margin of +2.7 pts, from 21.7% to 24.4%. This is attributed to the continued decline in input prices internationally;
- The recurring profit growth amounted to +21.6%, its highest level observed over the last three years. With the exception of the cement sector, this was driven by all sectors of the market and at their head the banking sector;
- Among the sectors of the AGR 30 having posted annual achievement rates(1) above 50%, we mainly cite the following sectors: Banking, Energy, Ports, Building Materials, Real Estate and Financing;
 Reading the published press releases, we note generally positive expectations from the Top-Management for the second half of 2024.