Listed Companies: Winners and Losers of the First Nine Months

The third quarter of 2025 highlights varied performances among companies listed on the Casablanca Stock Exchange. Some firms show marked growth in their activities, while others experience revenue declines over the first nine months of the year. Leading the list of the highest growth rates is STROC Industrie, with a remarkable 133% increase, followed by Stokvis Nord Afrique at 91.5%, Akdital at 54.8%, CTM at 49.6%, and CFG Bank at 34.1%. Other notable performers include Résidences Dar Saada at 33.5%, M2M Group at 27.5%, Vicenne at 25.0%, SNEP at 24.7%, and Sonasid at 19.2%. Conversely, several companies report significant revenue declines. Unimer shows the largest contraction at 18.2%, followed by Douja Prom Addoha at 14.8%, Med Paper at 13.3%, TotalEnergies Marketing Maroc at 10.8%, and Mutandis SCA at 6.8%. Additional declines are noted for Delta Holding at 4.5%, Maghreb Oxygène at 3.3%, HPS at 3.2%, Dari Couspate at 2.4%, and TAQA Morocco at 2.2%. Beyond individual variations, the report provides an overall view of the market's evolution as of the end of September. Consolidated revenues reached 246.4 billion dirhams, driven by three key sectors: industries, finance, and insurance. The industrial sector totaled 154.1 billion dirhams, buoyed by the growth of Label Vie, the expansion of Akdital's network, and strong sales performance from Managem. The financial sector reported revenues of 73.6 billion dirhams, supported by improved net banking income from most banks, particularly Bank of Africa and Attijariwafa Bank, following a decrease in the key interest rate. The insurance sector grew to 18.8 billion dirhams, thanks to Wafa Assurance and Atlantasanad. In the third quarter alone, total revenue increased by 5.4% to 82.1 billion dirhams, primarily driven by the industrial sector, particularly Managem and Label Vie. The financial sector continued to show year-on-year growth, despite a decline from the second quarter due to reduced market results from some banks. The insurance sector remained relatively stable after a first half marked by significant renewals. Sector contributions confirm the banks' leading role, accounting for 32% of total growth, followed by construction, health, food distribution, and mining. Conversely, several sectors negatively impacted overall dynamics: gas, affected by declining revenues from TotalEnergies Marketing Maroc; telecommunications, hindered by IAM's slowdown in Morocco; and electricity, impacted by falling coal prices at TAQA Morocco. Among 40 companies outside the insurance sector, the revenue realization rate reached 72.3% of annual forecasts, aligning with objectives. The financial sector showed a slightly higher rate at 74%, while industries hovered around 72%. On the balance sheet front, net debt outside the financial sector rose to 76.3 billion dirhams (+17.4%), mainly due to financing strategic projects at Managem and the acquisition of Asment de Témara by Ciments du Maroc. Telecommunications hold the highest share of the listed companies' debt, followed by mining and construction. Finally, investments continue to accelerate, with capital expenditures reaching 19.3 billion dirhams (+34%). Maroc Telecom is the largest contributor with 7 billion dirhams allocated for FTTH and 5G. Marsa Maroc has increased its investments more than fourfold to modernize its infrastructure, while Label Vie has tripled its spending to support its expansion program.