The listed companies on the Casablanca Stock Exchange have reached a remarkable milestone in 2025, achieving a profit pool that exceeds 50 billion dirhams. Beyond this record level, the growth in results is supported by clearly identified drivers, primarily the mining, construction, and banking sectors, all thriving in a favorable operational and macroeconomic environment.
In 2025, companies listed on the Casablanca Stock Exchange reported nearly 52 billion dirhams in net results, marking a record high that reflects a more than 38% increase compared to 2024, when the total was 37.7 billion dirhams. This performance was largely anticipated by the market, occurring in a particularly conducive environment, characterized by a general improvement in activity levels and more robust economic conditions.
It is noteworthy that over the past four years, the net profit attributable to the group (RNPG) of listed companies has nearly doubled. This surge is indicative of more than just a cruising effect; it signifies a deepening of sectoral dynamics that have been at play in the Moroccan economy.
While published data showcases a clear progression of the RNPG, it is also partially influenced by a base effect linked to the resolution of the dispute between Maroc Telecom and Wana, impacting the year-on-year comparison. A recalibrated reading allows for a better appreciation of the underlying dynamics. The growth of the RNPG thus stands at around 22%, a pace that confirms sustained operational performance improvements among listed companies. This evolution is accompanied by an increase in activity and improved margins across several sectors, all set against a more favorable economic backdrop.
Sector Contributions Led by Mining, Banking, and Construction
A detailed analysis of profit growth reveals a clear hierarchy of contributors in 2025. Excluding the effects of Maroc Telecom, the mining sector accounts for the highest contribution, with an increase of 2.8 billion dirhams, signifying a staggering 352% year-on-year growth. This performance is situated within a context of rising metal prices and is primarily driven by Managem, whose net profit attributable to the group surged by 2.4 billion dirhams due to the simultaneous elevation of project outputs and a favorable pricing environment.
Following closely is the banking sector, which contributed an additional 2.4 billion dirhams, buoyed by increasing activity levels and an improvement in risk costs amid a gradual normalization of monetary conditions. The construction sector rounds out this trio with an input of 2.3 billion dirhams, supported by a favorable sectoral environment highlighted by a ramp-up in infrastructure projects and preparations for international deadlines set for 2030. This dynamic benefits all players in the sector, with significant contributions from SGTM (+752 million dirhams), Ciments du Maroc (+467 million dirhams), TGCC (+430 million dirhams), and LafargeHolcim Maroc (+340 million dirhams).
In addition to these three sectors, others also contribute to the overall dynamic, notably telecommunications, which saw a high contribution linked to the normalization of Maroc Telecom's results following the resolution of its dispute with Wana. The insurance, distribution, and health sectors also reported positive contributions, albeit at more moderate levels, indicating a gradual diffusion of growth across the broader market. Conversely, certain segments, including electricity and oil & gas, recorded negative contributions, which somewhat tempered the overall progression.
Operational Dynamics Fueled by Differentiated Trajectories
Behind the overall profit growth, operational drivers vary significantly from one sector to another, with trajectories that do not rely on the same cycles or mechanisms. In the mining sector, growth has taken on an exceptional dimension. Managem's net profit attributable to the group skyrocketed from 620 million dirhams to over 3 billion dirhams, nearly a fivefold increase. This remarkable performance is attributed to a dual effect of volume and price, supported by the commissioning of new projects such as Boto and Tizert, which have significantly scaled up the group's profile while also leading to a notable improvement in margins, now at 44%.
The construction sector operates under a different logic, more closely tied to the intensity of the domestic cycle. The ramp-up of projects translates directly into results, with SGTM reporting an RNPG of 1.342 billion dirhams, a 2.3-fold increase, while TGCC sees its operational profit rise to 2.257 billion dirhams (+2.47x), driven by contracts that offer higher added value. Simultaneously, Ciments du Maroc achieved a net profit of 1.402 billion dirhams (+49.9%) within a context of volume improvement and cost management.
In the banking sector, growth follows a more consistent trajectory, with results evolving at double-digit rates. Attijariwafa Bank reported 10.645 billion dirhams (+12%), Bank of Africa at 3.814 billion dirhams (+11.3%), and CIH Bank at 1.089 billion dirhams (+24.4%). This dynamic is fueled by growth in outstanding credits and a gradual improvement in risk costs, all within a more supportive economic environment.
As reported by medias24.com.
