The year 2024 marked a record profitability for stock brokerage in Morocco. The sector's aggregate profit reached 153 million dirhams, up from 20.4 million in 2023, representing an exceptional increase of 649.5%. Overall revenue followed a similar trend, rising from 214.5 million to 489 million dirhams, a growth of 127.5%.
In parallel, fifteen out of sixteen brokerage firms reported positive net results. This turnaround is primarily attributed to a return of robust activity in the equity market. The total transaction volume increased from 53.5 billion to 89.5 billion dirhams, driven notably by a doubling of trades on the central market (+82%, reaching 60.7 billion). The block market also contributed to this dynamic, with 28.7 billion exchanged (+43%).
The market liquidity rate improved as well, reaching 12.45%, compared to 8.88% in 2023. These factors indicate a more active market, providing greater intermediation opportunities. The increase in results can be explained by a combination of factors: rising transaction volumes, relatively stable cost structures, and a sector concentration that continues to benefit established players.
Despite this overall improvement, the sector retains a highly polarized structure. Five firms alone account for 68% of the revenue, while bank subsidiaries represent 77% of total activity. The seven independent firms operate within a more limited scope.
The financial trajectory of the sector has strengthened, with consolidated equity reaching 647 million dirhams, a 30.5% increase year-on-year. This growth enhances the solidity of balance sheets and the investment capacities of firms, in an environment where regulatory and technological demands remain high.
While the performance of 2024 is remarkable, it is closely tied to market dynamics. In the medium term, the challenge will be to sustain this momentum in a market that remains dependent on cycles and confidence. For now, stock brokerage is back in the spotlight, a rare occurrence.
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