Insights

After a -10.2% drop in Label Vie's revenue during Q1-21 following the effect of over-stocking which marked the Q1-20, the distributor showed a recovery of +9.6% of its revenue at the end of this 2nd quarter.

The release of Mutandis H1-21 results takes place in a particular context. On the one hand, the Group announced a few months ago the acquisition of the company Season based in the United States.

The release of listed companies’ operational achievements for the second quarter of 2021 took place within a favorable context of economic recovery.

As several countries around the world, Morocco is in turn under pressure on its health system, given the rise of COVID-19 contamination cases during this summer period.

Unsurprisingly, Maroc Telecom's half-year achievements are down compared to 2020. On the basis of annual achievement rates, we have slightly revised our forecasts for the FY 2021.

At the end of this 1st quarter of 2021, marked by a relatively better economic context than that of 2020, investors closely followed the release of listed companies'operational results. 

An increase in activity, driven by power costs. At the end of Q1-21, TAQA Morocco recorded a consolidated revenue of MAD 1,912 Mn against MAD 1,883 Mn a year earlier, i.e. an increase of 1.5%.

Commercial achievements in line with our initial expectations. Total Maroc's operational achievements in 2020 are in line with our forecasts (Cf. Start 2021 under the cash-conversion perspective). 

Despite the decline in Maroc Telecom's 2021 quarterly results, they remain in line with our annual growth forecasts.