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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