GPC Carton Prepares for Its Stock Market Introduction

The idea is not new: the late Miloud Chaâbi, founder of Ynna Holding, had this ambition over fifteen years ago. Today, the project appears to be on the right path to finally materialize. Since its establishment in 1992, GPC Carton has specialized in the production of corrugated packaging and is one of about fifteen subsidiaries within the Ynna Holding group. It has positioned itself as a key player in the Moroccan packaging sector. However, its stock market entry is still subject to approval from the Moroccan Capital Market Authority (AMMC). With seven production units located in Gharb, Souss-Massa-Drâa, and Greater Casablanca, GPC Carton holds approximately 30% of the national market, according to recent statistics. It ranks second behind International Paper (CMCP), which covers nearly 50% of demand in Morocco. The remaining market share is divided among smaller operators such as Med Paper, All Jeeser, and Sipat. The company meets the packaging needs of various industrial and agricultural sectors and has established itself over the years as a trusted partner for major clients. In 2024, GPC Carton reported a revenue close to 1.9 billion dirhams, with a net profit of 184 million dirhams. Familiar with the capital markets, GPC Carton benefits from a solid financial structure and has already demonstrated its ability to meet the transparency requirements of capital markets. As recently as last summer, the company conducted a securitization operation of "green" receivables, allowing it to mobilize 250 million dirhams by converting commercial receivables into cash. The Moroccan paper and cardboard market presents favorable fundamentals. Annual consumption of corrugated cardboard is around 525,000 tons, with 50,000 tons imported. Demand growth has averaged 10% per year over the past decade, and industry professionals believe this trend will continue for at least the next ten years. Several factors support this dynamic. Firstly, per capita consumption in Morocco remains low at 26 kg per year, compared to a global average of 57 kg and over 200 kg in the United States, indicating significant potential for catch-up. Secondly, the COVID-19 health crisis accelerated the growth of e-commerce, a major consumer of cardboard, and highlighted the importance of packaging in developing a green economy. Additionally, the increasing valuation of agricultural products generates sustained additional demand. In this context, players in the cardboard and packaging sectors aim to make Morocco a true regional hub, capable of supporting not only local demand but also the development of exports. If GPC Carton's stock market introduction materializes, it would enhance the company's visibility, broaden its financing sources, and solidify its role as a pillar in a sector expected to experience significant growth in the coming years.