EXECUTIVE SUMMARY
During this first quarter of 2023, 67 listed companies released their operational achievements. These account for more than 99% of the market's capitalization. These quarterly publications appear in a context marked by the start of inflation slowdown in in Morocco (falling from 10.1% in February to 8.2% in March and 7.8% in April) following the relative easing of commodity prices internationally.
Upon the analysis of the quarterly press releases of listed companies, we emerge with the following key messages:
- In Q1-23, the market's aggregate revenue recorded a growth of +6.8% against an average of +13.0% over the last 7 quarters. This results from a relatively less dynamic Demand combined with the decline in intrant prices. Accordingly, 50 listed companies recorded an improvement in their activity level at the end of March 2023, compared to 17 issuers whose revenue fell during the same period;
- The Energy sector remains the main contributor to the market's aggregate Turnover evolution through a change in its revenue of MAD +1,501 Mn. Meanwhile, the Mining sector shows a decline in its quarterly revenue, i.e. MAD -520 Mn in absolute terms and -16.9% in relative terms. This drop is justified by the correction in international metal prices;
- Given the +3.7% increase in its NBI and the continued improvement in the cost of risk by -5.5% in Q1-23, the earnings power of the listed banking sector rose by +2 .5% to MAD 3.3 Bn. This performance is mainly driven by Attijariwafa bank Group.
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Q4-22 Listed companies results
During 2022, listed companies operated in a particularly unfavorable environment. For in-stance, we note a historically high average inflation rate of 6.6%, an appreciation of the dollar compared to the dirham of 13.1% and a bullish reversal of rates in Morocco supported by Bank Al-Maghrib's new monetary policy.
Listed companies' results Q3-22
On the macro-economic level, the 3rd quarter of 2022 was marked by the persistence of inflationary tensions in Morocco with an average level of 8.0%, the downward revision of GDP growth forecasts to 0.8% for the year 2022 and the raising by Bank Al-Maghrib of its Key Rate by 50 PBS to 2.0%.
Listed companies - H1-22 Results
The release of H1-22 results of listed companies comes amid an unprecedented context marked by an acceleration of inflation at local and international level.
