Unprecedented Growth at the Casablanca Stock Exchange
The Casablanca Stock Exchange has concluded 2025 with record profits, driven by a remarkable increase in financial results and a resurgence in industrial stocks. According to analysis by BKGR, this year has marked a historic profit level of 50.9 billion dirhams (MAD), representing a significant 40% increase compared to 2024. Even when excluding exceptional items related to the IAM-WANA dispute, the profit still stands robust at 49.5 billion MAD, reflecting a solid growth of 22.3%. Additionally, the aggregated revenue for the exchange has reached 345.1 billion MAD, showcasing a 10.9% rise, while operating income surged by 21.7% to 105.5 billion MAD.
A Shift in Economic Dynamics and Sector Performance
The figures indicate that the Casablanca market is no longer merely recovering from the post-crisis phase or experiencing ordinary growth; rather, it is entering a new phase of value creation. BKGR emphasizes this transformation, highlighting a historical turning point and a deeply evolving Moroccan economy. Over the past four years, the net profit attributed to shareholders (RNPG) has nearly doubled, with a 78% increase, signaling a more robust profit-generating machine. This diversification in growth sources suggests that the quality of results is no longer reliant on isolated cases.
Notably, the financial sector has shown continued growth, with aggregated net banking income (PNB) rising by 5.4% to 99.1 billion MAD, while the industrial sector experienced a more pronounced acceleration, with revenues up by 14% to 220.6 billion MAD. The insurance and brokerage sectors also reported a solid 7.3% increase in gross premiums, reaching 25.5 billion MAD. Thus, the growth has been widespread and supported by various segments within the exchange.
The mining sector emerged as a significant winner this year, with the RNPG soaring from 796 million MAD in 2024 to an impressive 3.597 billion MAD in 2025, marking a 4.5-fold increase. This surge is attributed to rising gold and metal prices and the ramp-up of new productive projects. Managem, a key player in this sector, reported a net profit of 3.002 billion MAD, up from 620 million MAD the previous year, driven by new production from projects in Senegal and Morocco.
Overall, while the industrial sector's revival is noteworthy, the financial sector continues to be a cornerstone of the exchange, with an aggregated RNPG growth of 13.2% to 22.4 billion MAD. The positive trajectory is bolstered by an improved risk cost, which decreased by 6.6%, leading to a current rate of 1.2% compared to 1.4% in 2024.
In conclusion, the results from this year reflect a strong performance across various sectors, underscoring the Casablanca Stock Exchange's resilience and capability to adapt to evolving market conditions. However, the challenges regarding portfolio tensions and valuation continue to warrant attention. The announced dividend pool has increased by 16.9% to 24.5 billion MAD, yet the average yield has dipped to 2.6% from 2.8% in 2024, indicating that market capitalization has outpaced distributions. Ultimately, the PER for 2025 remains stable at 20.1 times, consistent with its historical averages.
As reported by leseco.ma.
