Insights

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).

As expected, Cosumar showed during 2020 a solid resilience of its results, despite the negative repercussions of the health crisis on the local demand.

In 2020, TAQA Morocco recorded a consolidated revenue of MAD 7,789 Mn down -14.6%. This is mainly explained by the -24.1% drop in energy costs following the decline in international coal prices (i.e. -17.0% in 2020).

2020 achievements without surprises. The growth of SMI's activity in 2020 is in line with our initial forecasts (C.f. Start 2021 under the cash-conversion perspective). This is a slight increase in revenue of 0.5% to MAD 856 Mn against an estimate of MAD 865 Mn.

Listed companies' release of their operating results for the 4th quarter of 2020 takes place in a context marked by the gradual recovery of economic activity in Morocco.  

Maroc Telecom’s 2020 achievements confirm our annual growth forecasts, whether in terms of activity, profitability or even cash-generation. Despite its solid resilience in 2020, the Group lowered its DPS to MAD 4.01, causing a visible disappointment within the market.

In 2020, Mutandis achievements are in line with our initial forecasts. In a challenging context, the Group is demonstrating the resilienceof its business model, benefiting from the diversification of its business portfolio.

In FY 2020, Label Vie is maintaining its positive growth dynamic in an unprecedented context marked by the Covid-19 health crisis.