During the 2nd quarter of 2023, listed companies¡¦ achievements took place in a context marked by a slowdown in the inflation level in Morocco. The latter fell from a high of 10.1% in February to 5.5% in June 2023. At the same time, the growth rate of the economic activity would have continued its recovery during the same period at +3.2%.
At the end of Q2-23, 67 listed companies representing more than 99% of the market¡¦s capitalization released their quarterly indicators. Alongside our analysis, our main conclusions are as follows:

- For the 2nd consecutive quarter, we are witnessing a slowdown in listed companies revenue¡¦s growth. In fact, the market¡¦s aggregate revenue shows an improvement of +4.2% against +6.8% in Q1-23 and an average of +13.0% over the period 2021-2022. In our opinion, this is mainly a less favorable price effect following the decrease of input prices on an international scale;

- The banking sector is the main contributor to revenues growth of the Equity market in Q2-23, through a cumulative increase in its consolidated NBI of MAD +3,681 Mn (+20.0%). Conversely, the Energy sector¡¦s revenue declined by MAD -1,996 Mn (-17.7%) given the drop in sales volumes of TotalEnergies Marketing Maroc and the prices decrease of Afriquia Gaz;

- At the end of the 1st half of 2023, the market¡¦s aggregate revenue amounted to almost MAD 151 Bn, recording an increase of +5.5%. The listed sectors having posted the highest growth rates are Real Estate and Retail, with respective performances of +37.4% and +21.5%;

- The mid-term achievements of the listed banking sector are better than expected. This is an increase in NBI of +12.1% equivalent to a comfortable achievement rate of 54.0% compared to our 2023 annual forecasts. This outperformance is explained, in our opinion, by the recovery of equipment loans and a significant catch-up effect of market activities result.

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