Annual Results: A Very Strong 2025 Vintage

Market professionals are unanimous: the 2025 annual results of companies listed on the Casablanca Stock Exchange are “excellent.”

“It’s been a long time since we’ve seen such a good year,” added one of them, while regretting that the release of these results comes amid escalating military tensions in the Middle East, which have triggered a sharp correction in the MASI.

Companies listed in Casablanca are indeed reporting strong revenue growth. According to a research report published by brokerage firm M.S.IN, total revenue for listed companies in 2025 rose by 10%, reaching 360.4 billion dirhams compared with 327.8 billion dirhams a year earlier.

This represents an additional 32.6 billion dirhams in revenue. This growth rate is twice the annual growth recorded over the 2023–2024 period, as noted by Attijari Global Research in an analytical report.

This positive trend comes in a context marked by several favorable factors. M.S.IN mainly cites controlled inflation below 1% in 2025, the 2024–2025 agricultural season in Morocco, which took place under more favorable climate conditions than the previous year, as well as the strong momentum in the real estate and construction sectors, driven by the launch of the housing assistance program, the slum rehousing project, and the rollout of several road, hotel, and sports infrastructure projects as part of preparations for AFCON 2025 and in anticipation of the 2030 World Cup in Morocco.

Construction, mining, and banking in the spotlight

In this supportive environment, several sectors posted remarkable momentum, helping sustain the double-digit growth in overall revenues.

Leading the way is construction and public works (BTP), which stands out as the main contributor to overall revenue growth, with sector revenue reaching 53.2 billion dirhams, up 28.1%, representing an additional 11.7 billion dirhams. This performance is notably driven by the acceleration of infrastructure projects ahead of the 2030 World Cup.

The mining sector also stood out, with revenue increasing by 5.4 billion dirhams (+51.9%), benefiting from rising prices of precious metals. Managem alone contributed 4.8 billion dirhams, marking growth of 54.6%.

The banking sector generated an additional contribution of 4.8 billion dirhams (+5.3%). Growth was mainly driven by Bank of Africa (+8.7%), BCP (+5.5%), and CIH (+14.4%). Distributors recorded an additional 4.3 billion dirhams in revenue (+15.8%), while the insurance sector grew by 2.2 billion dirhams (+8.7%), notably supported by Wafa Assurance (+10.9%) and AtlantaSanad (+15%).

The healthcare sector was also notable, with a sector contribution of 1.7 billion dirhams, up sharply by 45% compared to the previous year. Its two listed players, Akdital and Vicenne—newly listed in 2025—performed particularly well, with respective growth rates of 49.4% and 29.5%.

Some sectors, however, underperformed. This was notably the case for oil and gas, where revenue declined by 5.5%. The electricity sector also saw revenues fall by 2.2%, and to a lesser extent, the agri-food sector, where revenues dipped slightly by 0.58%.

Despite these underperformances, the overall picture remains very positive: 16 sectors, representing nearly 85% of market capitalization, recorded an increase in annual revenue in 2025.

Profit mass up 38%

In terms of profitability, the aggregate profits of listed companies also rose sharply. According to initial estimates by M.S.IN, total net income increased by 38.2% in 2025 compared to 2024, exceeding 51.5 billion dirhams.

This strong increase is largely explained by the Maroc Telecom effect, whose profit rose from 1.8 billion dirhams in 2024 to 7 billion in 2025, following the resolution of its dispute with Wana Corporate.

Even excluding the Maroc Telecom effect, profit growth remains remarkable, with an increase of 25.6%. The mining, banking, and construction sectors are the main contributors to this growth, with additional contributions of 2.8, 2.4, and 2.3 billion dirhams respectively.

Most large-cap companies posted higher profits, sometimes dramatically so. This is the case for the three systemic banks: Attijariwafa bank, whose net income exceeded the 10 billion dirham mark for the first time, up 16.2%, while BCP and Bank of Africa saw their profits jump by 8.6% and 16% respectively, reaching 4.5 and 2.3 billion dirhams.

Managem, the second-largest market capitalization, also delivered striking results, with net income soaring by 384% to exceed 3 billion dirhams for the first time.

Marsa Maroc, another heavyweight, also posted double-digit profit growth. Its group share of net income reached 1.59 billion dirhams in 2025, up 25%.

The same applies to LafargeHolcim, whose group share of net income improved by 18.6% to 2.16 billion dirhams. The two major construction players also impressed, with very strong increases in results.

SGTM, which was listed in 2025, reported net profit of 1.34 billion dirhams, a spectacular increase of 127%. TGCC reported profit of 952 million dirhams, up 82.4%. Ultimately, among the top 10 market capitalizations on the Casablanca exchange, only one company reported declining results: Taqa Morocco, whose profits fell by 6.8% to 981 million dirhams.

There were also pleasant surprises among smaller caps. HPS, which posted losses in the first half, ultimately reported positive earnings by the end of December, reaching 106 million dirhams, up 40%.

Cash Plus, newly listed in 2025, improved its group share of net income by 23% to 242 million dirhams, in line with its forecasts. Meanwhile, medical equipment specialist Vicenne outperformed its business plan, with its group share of net income rising by 58% to reach 144 million dirhams.