Casablanca Stock Exchange: Total Revenue of Listed Companies Increases by 6.5% by the End of September 2025

After a year marked by a reduction in inflationary pressures in 2024, the first nine months of 2025 have been characterized by rising global uncertainty. This uncertainty is largely due to the new trade policies of the United States and ongoing conflicts in the Middle East and Ukraine. According to the latest IMF forecasts, global economic growth is expected to be 3.2% in 2025, down from 3.3% in 2024. On a national level, the High Commission for Planning (HCP) reports that after a 5.5% growth in economic activity in the second quarter of 2025, national economic growth is estimated to have increased by 4.3% in the third quarter. Agricultural value added rose by 4.3%, while growth in secondary sectors moderated to 4.4%. Bank Al-Maghrib indicates that the positive momentum in non-agricultural sectors is expected to continue in the medium term, driven by infrastructure investments aimed at mitigating climate change impacts and preparing for major international sporting events by 2030. This positive economic dynamic is reflected in the performance of companies listed on the Casablanca Stock Exchange, showing a continuation of revenue growth observed over several years. According to M.S.IN, the total revenue of the Casablanca market during the first nine months of 2025 increased by 6.5%, reaching 248.4 billion dirhams compared to 233.1 billion dirhams during the same period the previous year. This represents an additional 15.2 billion dirhams in revenue, primarily supported by strong growth in the construction sector (+4.8 billion MAD, or +22.6%), banking (+4.3 billion MAD, or +6.3%), distribution (+2.3 billion MAD, or +13.2%), insurance (+1.3 billion MAD, or +6.9%), and health (+1.2 billion MAD, or +48.4%). The construction sector stands out as the main driver of overall revenue growth by the end of September 2025, with an increase of 4.8 billion dirhams, fueled by the acceleration of projects related to the 2025 Africa Cup of Nations and the 2030 World Cup. It is closely followed by the banking sector, which saw its revenue increase by 4.3 billion dirhams (+6.3%). This performance is mainly driven by Bank of Africa (+1,227 million MAD), ATW (+1,181 million MAD), and BCP (+813 million MAD). In third place is the distribution sector, contributing 2.3 billion dirhams (+13.2%), primarily driven by two companies: Label Vie (+1,505 million MAD) and Auto Hall (+600 million MAD). The insurance sector ranks fourth, with an additional revenue of 1.3 billion dirhams (+6.9%), mainly supported by Wafa Assurance (+774 million MAD) and Atlanta Sanad (+588 million MAD). Finally, the health sector completes the podium with a contribution of 1.2 billion dirhams (+48.3%), driven mainly by AKDITAL (+1.1 million MAD), which benefits from the strong performance of its facilities and the expansion of openings in 2024 and 2025, contributing 946 million MAD to revenue by the end of September 2025, and VICENNE with a contribution of 139 million MAD.