Listed Companies: Profit Pool Increases by Over 52% in the First Half of 2025 (M.S.IN)

The profit pool of listed companies in Morocco saw a remarkable increase of over 52% in the first half of 2025, largely driven by Maroc Telecom. The company's net profit reached 4.1 billion dirhams, a significant recovery from a loss of 1.1 billion dirhams in the same period of 2024. This turnaround is attributed to the resolution of a dispute with Wana Corporate and an agreement reached in March to establish two joint ventures for the deployment of fiber optics and 5G networks. Excluding Maroc Telecom, the adjusted profit pool still demonstrated robust growth of 20.9%, primarily fueled by the banking sector. According to M.S.IN, the total revenue of listed companies amounted to 169.3 billion dirhams, reflecting a 7.3% increase compared to the same period in 2024. This growth is primarily driven by the banking sector, which contributed an additional 3.4 billion dirhams, along with the construction sector (BTP), which added 3.2 billion dirhams due to accelerated projects related to the 2025 Africa Cup of Nations and the 2030 World Cup. Retailers generated an additional 1.7 billion dirhams, while the insurance sector saw an increase of 1.2 billion dirhams. Notably, the health sector experienced a spectacular expansion of 62%, driven by the growth of Akdital and the entry of Vicenne, a new player on the Casablanca stock exchange. The banking sector emerged as the primary driver of profits. M.S.IN reported that the Net Banking Income of listed banks rose by 7.4% to reach 49.1 billion dirhams, supported by a 14.8% increase in market operations results, a 6.6% improvement in interest margins, and a 4.4% rise in commissions. The operating profit of the sector now stands at 22.5 billion dirhams, an increase of 18.6%, while the Group Net Profit reached 12.5 billion dirhams, reflecting an 18.2% year-on-year growth. This performance is attributed to both the growth of Net Banking Income and effective cost management, alongside a 10.8% decrease in risk costs, now at 6.9 billion dirhams. Specifically, Attijariwafa Bank made the largest contribution to this growth with a net profit increase of 973 million dirhams (+19.8%), followed by BCP with a gain of 331 million dirhams (+12.8%) and BOA with an increase of 309 million dirhams (+15.9%). In summary, M.S.IN indicates that the first half of 2025 confirms the strength of growth among listed companies in Casablanca. Supported by the banking, telecommunications, and construction sectors, these companies are experiencing unprecedented growth in a context marked by controlled inflation and ongoing major structural projects in the country.