The combined revenue of companies listed on the Casablanca Stock Exchange is expected to grow 7.3 percent to 299.5 billion dirhams in 2025, according to BMCE Capital Global Research (BKGR).
The forecasted growth is driven across all sectors, with revenues projected to rise 6.6 percent for financials, 7.3 percent for industrials, and 9.2 percent for insurers, BKGR said in its latest “Forecast – October 2025” report.
Operating income is set to jump 14.7 percent to 84.3 billion dirhams, boosted by a strong industrial performance following the end of the Itissalat Al-Maghrib/WANA litigation and improved results among financial firms. Overall net profits for BKGR’s “Scope 40” index are projected to surge 30.8 percent to 41.2 billion dirhams.
Even after excluding exceptional items, group net income is expected to climb 12.3 percent, compared with a prior estimate of 10.8 percent.
BKGR expects telecoms to contribute 46.4 percent of 2025 profit growth, banks 25.9 percent, and construction 8.9 percent. Conversely, gas and petrochemical sectors are projected to post negative contributions of 157 million dirhams and 132 million dirhams respectively, hurt by pricing pressures and rising financial costs for TotalEnergies Marketing Maroc and weaker margins at SNEP.
Looking ahead to 2026, BKGR sees banks contributing 38.8 percent of earnings, construction 16 percent, and mining 30.4 percent, supported by strong gains at Managem. However, Itissalat Al-Maghrib (IAM) is expected to show a negative impact of 1.13 billion dirhams due to the absence of one-off recoveries seen in 2025.
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