Survey: A Majority of Investors Consider Half-Year Results Above Expectations

The profitability of the Casablanca stock market appreciated by 48.2%, reaching 25.3 billion MAD in the first half of 2025, according to calculations by BKGR. This increase includes the non-recurring effect of the INWI/IAM dispute settlement, which had a net impact of 4.055 million MAD. Excluding this dispute's impact, the group's net profit (RNPG) grew by 13.4%, supported by an 18.1% increase in financial sector earnings and an 8.9% rise in industrial profits. In terms of sectoral contributions to the overall RNPG growth, telecommunications accounted for 65%, banks contributed 24%, and construction (BTP) made up 8%. Conversely, the agri-food sector emerged as the most detrimental, with a negative contribution of 118 million MAD, primarily due to the underperformance of Lesieur Cristal. The electricity sector also experienced a decline, attributed to a drop in revenue for Taqa Morocco (-89 million MAD), impacted by unfavorable pricing effects, reduced availability rates, and negative currency exchange trends. Among the 53 industrial companies that reported their results, nearly 38 showed an increase in RNPG compared to the first half of 2024. The Scope 40 index from BMCE Capital Global Research, which represents 87.2% of the total RNPG and 91.8% of total market capitalization, saw its profitability grow by 52.6% to 22 billion MAD, already achieving 54.9% of annual forecasts. For banks, the realization rate of annual forecasts stands at 58%, while insurance companies are at 57.5%, and industrial firms at 51.5%, with significant disparities among them. The results confirm a robust dynamic, with key sectors such as banking, telecommunications, and insurance exceeding analysts' expectations. A survey by Boursenews highlights a largely positive market sentiment, despite some pockets of sectoral fragility.