While economic signals are struggling to find a lasting balance, companies listed on the Casablanca Stock Exchange have shown a certain resilience in the first half of 2024. With an overall increase in turnover of 4.1%, these achievements nevertheless hide marked sectoral disparities, where banking dynamics played a driving role.
In the first half of 2024, companies listed in Casablanca recorded a total turnover of 157.5 billion dirhams, an increase compared to 151.3 billion for the same period in 2023, according to the broker MSIN. A performance driven mainly by the robustness of the banking sector, which alone added an additional 5.3 billion dirhams, thanks to a favorable rate environment and good health of the stock markets. The distributor sector was also a key player in this increase, with an increase of 810 million dirhams (+6.5%), where Label Vie, Auto Hall, and Auto Nejma stand out with their respective contributions of 250 MDH, 234 MDH and 231 MDH.
Still according to MSIN calculations, insurance, for its part, is doing well with an increase of 639 million dirhams (+4.8%), supported by the good performance of Wafa Assurance, including the Life and Damages have seen notable growth.
Profit mass, a contrasting indicator
If the growth in turnover seems to bode well, the overall profit of listed companies shows a slight drop of 1.2%, standing at 17 billion dirhams. A poor performance mainly due to Maroc Telecom, which recorded a loss of 1.3 billion dirhams due to provisions linked to a dispute of 5.9 billion dirhams with the operator Wana Corporate. This result contrasts sharply with the 2.7 billion dirhams in profits made by the operator in the first half of 2023, specifies the broker.
However, the overall picture becomes clearer if we exclude the impact of Maroc Telecom: the adjusted profit mass then shows an increase of +26%, a significant rebound which testifies to the good health of other sectors.
Banks, an engine of profitability
The banking sector is positioned as the main contributor to profit growth. With an increase of 2.2 billion dirhams in profits, banks confirm their leading role in the stability and economic growth of the country. This performance is explained by a 13.2% increase in Net Banking Product (NBI), reaching 45.7 billion dirhams. A figure which reflects the fall in rates and the positive momentum of the markets.
The progression is visible in all key indicators: an increase of 62.9% in market operations, 5.3% in the commission margin, and 4.8% in the interest margin. Sectoral operating profit climbed 23.2% to reach 20 billion dirhams, while Net Profit Share of the Group (RNPG) jumped 26.7% to 10.6 billion dirhams. This increased profitability results from a combination of an increasing NBI and rigorous control of operating expenses, despite an increase in the cost of risk of +10.3% to 7.7 billion dirhams.
