Insights

At the end of the 1st half of 2021, Cosumar posted an increase in its consolidated revenue of +2.9% to MAD 4,382 Mn driven by the recovery in “out of home” consumption following the easing of restrictions on mobility.

In a context marked by a solid recovery in domestic cement consumption of +24.4% at the end of June 2021, CIMAR recorded an increase in its consolidated revenue of +17.0%, from MAD 1,696 Mn in H1-20 to MAD 1,985 Mn in H1-21. 

As anticipated in the first quarter (Cf. Research paper -Taqa Morocco Q1-21 results), the half-year revenue of TAQA Morocco fell by -13.7% in H1-21 to MAD 3,465 Mn.

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.