Insights

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.

The financial results of listed companies in 2020 stand out without major surprises for investors. As proof, the low levels of liquidity and volatility which marked the period of the annual release.

For the FY 2020, Auto Hall’s revenue stands at MAD 3,948 Mn, down -10.8% against an AGR estimate of -21.5%. At the origin of this outperformance, the good momentum of the DFSK and OPEL brands, whose sales increased by 66% and 44% respectively in 2020.

In 2020, Marsa Maroc recorded a much-awaited drop in its results within a context marked by a significant slowdown in port activity on a global scale. 

For the FY 2020, SNEP shows a limited decline in its revenue, i.e. -2.9% to MAD 917 Mn in line with our estimate of MAD 914 Mn (Cf. Start the year 2021 under the cash-conversion perspective).

CMT's operational achievements in 2020 do not come as a real surprise. In fact, the decreases in the EBIT by -31% to MAD 158 Mn and in the recurring NIGS by -35% to MAD 120 Mn are largely integrated into our initial forecasts (Cf. Start 2021 under the cash-conversion perspective).

In a context marked by the fall in domestic cement consumption of -10.0% in 2020, CIMAR outperforms its sector by limiting the drop in its revenues to -7.2% against an AGR estimate of -6.4 % (Cf. Start 2021 under the cash-conversion perspective).