EXECUTIVE SUMMARY
In a context marked by a growth of the Moroccan economy of +4.9% in Q4-21 against a decline of -6.0% during the same quarter of the previous year, listed companies continue to improve their results . These align a fourth consecutive quarter of increase in their revenue.
As of today, 71 listed companies released their activity indicators at the end of December 2021 out of a total of 73. These represent more than 97% of the overall capitalization. Our analysis does not take into account Afriquia Gaz and Delattre Levivier Maroc.
After analyzing the various quarterly press releases published by issuers and taking into ac-count the evolution of international commodity prices, we come to four main conclusions :
- For the 4th consecutive quarter, listed companies posted revenue growth of +12.3%, driven by the Energy, Building Materials and Mining sectors. The latter are the best positioned to take advantage of both the economic recovery and a very favorable price effect linked to the rise in international raw materials ;
- On an annual basis, the aggregate revenue of listed companies recorded a less pro-nounced increase of +9.5% in 2021 to MAD 257 Bn. This recovery comes after a significant decline of -5.2% at the end of a difficult FY 2020. With the exception of the Telecoms sector, whose revenue fell by -2.7%, all listed sectors posted positive annual variations in their activities varying between +3.5% and +42.6% ;
- The Real Estate and NIT sectors would operate in a less favorable context during the com-ing quarters due to several constraints : regular delays in projects, supply difficulties and finally, growing pressure on margins under the effect of higher prices of inputs ;
- At the start of 2022, the prices of the main commodities to which the Equity market is ex-posed are continuing their upward trend. This situation particularly benefits mining com-panies and local industrials. The latter would benefit from a considerable gain in market share compared to imports.
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