Economic Context and Performance of Listed Companies

For the 2024 fiscal year, the operational and financial performance of listed companies on the occurred in a context marked by a continuous decline in inflation and a significant increase in public demand.

Optimism of listed companies for 2024

Upon analyzing these results, five key messages emerge:

  • Listed companies confirm their optimism for 2024, as announced during the publication of their 2023 annual results in March. Indeed, recurring profit growth(1) reached +19.3% compared to an initial AGR estimate of +16.0%. This is the highest level of annual growth since the post-Covid recovery in 2021;
  • The Banking and Energy sectors are the main contributors to the increase in the market’s profits, contributing 80%. Excluding these two sectors, the market's recurring profit growth remains relatively fair at +7.8%;
  • In 2024, the total dividend fell by -4.2% due to the decline in dividend by MAD -2.4 Bn. Excluding this effect, the market's dividend shows an increase of +11.2%, supported by 37 listed companies which have announced an increase in their DPS for the FY 2024;
  • The dividend payout efforts of listed companies have not been able to positively impact their dividend yield, which stands at a historic low of 2.2% in 2024. This is due to the more than proportional increase in by +37.8% over the last 12 months above MAD 925 Bn;
  • For 2025, a natural deceleration in the profit growth of listed companies is expected. This forecast is based on two main factors: a high base effect in 2024 and the decline in commodity prices impacting the Energy sector in Morocco.

Analysis of the Performance of Listed Companies in 2024

During the FY 2024 financial year, the achievements of listed companies are as follows:

  • Largely driven by the banking sector, the market’s aggregated revenue increased by +5.9% to nearly MAD 319 Bn;
  • The recurring operating income of listed companies which reported this indicator rose by +18.9%. Thus, the mar-ket's operating margin stood at 25.8%, up +2.8 points. This was primarily attributed to the reduction in purchasing costs of several operators following the downward trend in input prices, combined with ongoing efforts to cut down operating expenses;
  • Adjusted recurring earnings, primarily for factors related to Maroc Telecom (earthquake donation in 2023 and dispute with Wana in 2023/2024), stood at MAD 41 Bn, jumping by +19.3% against +10.4% in 2023. This represents the highest recurring profit growth since 2021, the year of recovery following the . This profit growth is broadly in line with our expectations, which forecasted a +16.0% increase in aggregate profits for the AGR-30. In this regard, the AGR forecast achievement rate stands at 101%;
  • Reported profits (as published by listed companies) show an improvement of +9.6%. Adjusted from the banking and energy sectors, the market’s earning power displayed a decline of -12.1% due to the impact of Maroc Telecom.

Key findings from the 2024 annual results

The main findings from the FY 2024 annual results are as follows: 

  • 56 listed companies posted an increase in their profits. These represent 79% of the market capitalization. In the opposite, 16 listed companies reported a decline in their net profit (NIGS);
  • 7 issuers ended the FY 2024 with a net loss;
  • Only 3 listed companies published a profit warning announcing a decline in their profits;
  • Finally, 7 listed companies were subject to a tax audit in 2024, representing 5% of the market capitalization. Excluding Cimar, the total amount of tax settlements reported to date is MAD 318 Mn. 
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