At the end of September, the turnover of listed industrial companies increased by 21.4%. Those in the financial and insurance sectors are stagnating. Overall sales were notably pushed up by a price effect. The groups having published their net results weigh 58% of the market capitalization. Including IAM’s penalty, the earnings capacity of the rating fell by 12% at the end of September.
In a note published on Friday December 2, the research company BKGR presented the financial results of the rating at the end of September. It notes a 15% improvement in the turnover of listed companies at 206 billion dirhams, “driven by the favorable price effect recorded at the level of the industrial rating”.
Companies listed on the financial sector show stable turnover compared to the same period last year to 54 billion dirhams. the insurance sector also shows stability with revenues estimated at 17 billion dirhams, against 16 billion dirhams at the end of September 2021.
The industrial sector posted a 21.4% increase in turnover at the end of September to 136 billion dirhams, in particular thanks to the increase of “65% in the turnover of TotalEnergies Marketing Maroc to 14.8 billion dirhams, mainly benefiting from the favorable price effect (appreciation of +63% of the sale price by tonne) generated by the surge in crude oil prices internationally and the continuation of its strategy of sustained expansion with the commissioning of 7 new stations at the end of September 2022”.
Industrial turnover was also pulled up thanks to the increase in revenue from Managem, Afriquia Gaz and Taqa Morocco with respective improvements of 45%, 43% and 78%.
On the other hand, the earning capacity of the rating fell by 11.8% over the period to 12.7 billion dirhams “for companies having published their RNPGi.e. IAM, Taqa Morocco, Attijariwafa Bank, BCP, CDM, CIH BANK, BOA, BMCI, Maroc Leasing”, underlines the research company, specifying that these companies represent 58% of the market capitalization. “Retired from the penalty of IAM, the earning capacity increased by 5.3% to MAD 15.1 billion dirhams”, indicates BKGR.
The research company notes that the net debt of listed securities excluding financials increased by 12.2% to 58 million dirhams at the end of September 2022 compared to the end of 2021. By contributor, Maroc Telecom polarizes 30% of the total outstanding amount followed by the producers of building materials (13%), real estate (16%) and Taqa Morocco (12%).