Robust Growth in Key Industries
The revenue from key industries surged by 12.2%, reaching 230.5 billion dirhams. This growth was primarily fueled by several factors.
Managem benefited from the commencement of production at its Boto and Tizert sites, alongside rising metal prices.
Construction companies, particularly TGCC, saw significant gains due to the successful integration of STAM VIAS and an acceleration in project execution, while SGTM was bolstered by the ramp-up of several major projects.
Label Vie also contributed positively, capitalizing on a favorable perimeter effect with the opening of 80 new stores in 2025.
However, this positive trend was somewhat offset by TotalEnergies Marketing Maroc, which reported a 9.7% decline in revenue to 15.1 billion dirhams, likely due to an unfavorable pricing environment.
Financial Services and Insurance Show Positive Trends
The net banking income of financial institutions rose by 5.4% to 99.1 billion dirhams, primarily driven by Bank of Africa and BCP, which added 1.631 billion dirhams and 1.382 billion dirhams, respectively.
In the insurance and brokerage sector, gross premiums increased by 7.3% to 25.3 billion dirhams, supported notably by Wafa Assurance and AtlantaSanad.
Among the 67 companies that reported, 55 showed annual revenue growth, while 11 experienced declines and one remained stagnant. Excluding the impact of new IPOs (STGM, Vicenne, and Cash Plus), the growth rate stands at 8.8%. Adjusted for Maroc Telecom, the overall revenue growth would have been 11.1%.
Strong Performance in Q4
In the fourth quarter of 2025 alone, overall revenue improved by 12.2% year-on-year, reaching 96.2 billion dirhams.
Industries accelerated their growth by 16.4%, totaling 65.1 billion dirhams, driven by Managem, TGCC, and Label Vie.
The net banking income of financial institutions increased by 2.8% to 24.6 billion dirhams, despite a decline from Attijariwafa Bank during the quarter.
The insurance and brokerage sector reported a 12.8% rise, reaching 6.5 billion dirhams.
On a sequential basis, total revenues grew by 13% from the previous quarter.
Sector Contributions to Revenue Growth
The construction sector accounted for 37% of revenue growth in 2025, followed by mining at 17.1%, banking at 15.2%, specialized distribution at 7%, and healthcare at 6.9%.
Conversely, the gas sector recorded the most significant negative contribution, amounting to -1.390 billion dirhams, primarily attributed to TotalEnergies Marketing Maroc.
Balance Sheet Insights
On the balance sheet front, the net debt of listed companies (excluding financial institutions) increased by 4.2% to 65.2 billion dirhams.
This rise reflects the increased indebtedness of Akdital, Ciments du Maroc, and Managem.
Investment Trends
Capital expenditures (CAPEX) for industrial companies reached 30.9 billion dirhams, marking a 10.3% increase.
The most significant increases were observed in Marsa Maroc, CMGP Group, Risma, and TGCC.
Notably, Maroc Telecom accounted for 35.2% of the total investment, driven by the rollout of 5G technology.
