Listed companies on the Casablanca Stock Exchange recorded a 7.2% year-on-year increase in aggregate revenues for the first quarter of 2025, reaching 81.1 billion dirhams, according to BMCE Capital Global Research.
The growth was broad-based across key sectors, though offset by underperformance in telecoms and holdings.
The industrial sector rose by 5.7%, largely driven by construction, which is benefitting from ramped-up projects linked to the 2025 Africa Cup of Nations and preparations for the 2030 FIFA World Cup. However, the real estate segment underwhelmed due to a change in revenue accounting methods, limiting growth to 7.8%, far below the 27% increase in pro forma terms.
Financial institutions saw their net banking income rise by 10.9%, supported by strong commercial momentum and a favorable interest rate environment.
The insurance sector grew 5.9%, with AtlantaSanad’s life insurance segment adding 209 million dirhams in premiums. Excluding Maroc Telecom, whose revenue dropped 2%, total market growth would have stood at 8.5%.
Revenues dipped 0.5% due to seasonality, particularly in industry, which fell 7.6%. This was nearly offset by a 4.9% rise in financials and a 41.7% spike in insurance driven by early-year premium renewals.
Sectoral contributions to growth were led by banks (43%), followed by construction (16.3%), mining (8.6%), insurance (8.2%), and food distribution (6.1%).
Maroc Telecom and Delta Holding contributed the most to the downturn, with project delays and weather disruptions weighing on performance.
Listed companies significantly ramped up investments, which rose 17.3% to 4.5 billion dirhams. Mining led with 34.5% of the total, spearheaded by Managem’s projects in Morocco and Senegal. Maroc Telecom and Marsa Maroc also made major capital outlays, the latter expanding its container operations at Nador West Med.
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