Listed companies Results Q3-24

EXECUTIVE SUMMARY

The commercial achievements of listed companies in the 3rd quarter of 2024 took place within a context marked by two main factors. On the one hand, the continued easing of prices through an average inflation of 1.3% compared to 4.9% in Q3-23. On the other hand, the recovery of Demand in several sectors under the effect of the new investment dynamic that Morocco is experiencing.
In this context, the aggregate revenues of the 67 listed companies which published their quarterly indicators continued to improve, rising from +4.0% in Q1-24 to +4.8% in Q2-24 and then to +5.3% in Q3-24. Therefore, the market recorded at the end of this 3rd quarter of 2024, its strongest growth over the last six quarters.

Concretely, the main messages which emerge from listed companies’ achievements at the end of this third quarter are as follows:
- The Banking and Building Material sectors are the main contributors to the growth of the market’s revenue in the 3rd quarter, i.e. increases of MAD +1,899 Mn and MAD +809 Mn respectively. Excluding these two sectors, revenue’s growth stands at +2.5%;

- At the end of September 2024, the market’s revenue rose by +4.7% to MAD 232 Bn compared to MAD 222 Bn a year earlier. The sectors evolving against this trend are Energy (-6.1%) given the decline in international energy products’ prices and Cement (-2.8%) to the extent that the recovery in sales in Q3-24 was unable to offset the decline observed during the first half of the year;

- When analyzing the market's reaction to listed companies’ achievements, we note an increasingly high expectations from investors regarding the growth levels displayed. Despite its strongest quarterly growth in the last 6 quarters, the MASI index fell by -2.0% since November 20th 2024. Since investors are now paying relatively more for stocks on the Equity market, they expect higher growth levels.

 

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