BMCE Capital Global Research (BKGR) has just published its “Earnings Q2 2024” report, which dissects the results of listed companies. According to BKGR analysts, the results for the first half of 2024 of companies listed on the Casablanca Stock Exchange show a notable progression, with commercial achievements up by +4.3% to 153 billion dirhams (MAD). This growth is mainly driven by the good performance of financial companies, while industrial companies show a slight recovery in the second quarter.
Commercial achievements: a half-year driven by financials
During the first six months of 2024, the aggregate revenues of listed companies increased by +4.3% to MAD 153 billion. This growth is mainly supported by financial companies, which saw their Net Banking Income (NBI) grow by +12.7% to MAD 46.3 billion. On the other hand, industrial companies recorded a modest increase of +0.6% in their overall turnover, reaching MAD 93.8 billion.
Industrial companies’ performance: a recovery in Q2
The turnover of industrial companies was mainly supported by:
- TGCC : An increase of +30% in its operating income to MAD 3.786 billion, thanks to the dynamics of the construction sector and the delivery of large-scale projects.
- JET CONTRACTORS : An increase of +46.6% to MAD 1.452 billion, due to the start of new projects and the international expansion of the group.
- ACDITALS : An increase of +50.7% to MAD 1.248 billion, driven by the performance of historic entities and new clinics opened in 2022 and 2023.
- FALL MOROCCO : Revenues down -24.1% to MAD 5.651 billion, due to the drop in coal prices.
- LAFARGEHOLCIM MAROC : A decrease of -10.6% to MAD 3.691 billion, impacted by overproduction on the local market.
- LESIEUR CRYSTAL : A decline of -10.8% to MAD 2.711 billion, due to the drop in raw material prices.
Financial sector still in the lead
Financials continue to dominate with an increase in NBI of +12.7% to MAD 46.3 billion, thanks to the strong growth of market activities, notably at ATTIJARIWAFA BANK (+MAD 2.424 billion), BOA (+MAD 1.208 billion) and BCP (+MAD 1.057 billion). The Insurance & Brokerage sector also recorded an improvement of +4.2% to MAD 12.9 billion, driven by WAFA ASSURANCE.
Industrial recovery in the second quarter
Industrial companies recorded a +4.2% improvement in their revenues in Q2 2024 to MAD 48.2 billion, compared to a -3% decline in Q1. This recovery was driven by the good performance of oil, gas and mining operators, notably MANAGEM, which saw its turnover increase by +26% to MAD 2.473 billion.
Debt and investments: slight improvement and strong increase
The net debt of listed industrial companies decreased slightly by -1.9% to MAD 57.8 billion, mainly due to the deleveraging of MANAGEM following a capital increase. In addition, investments of listed companies increased sharply by +18.9% to MAD 8.6 billion, mainly thanks to the CAPEX of MANAGEM, which tripled to reach MAD 2.684 billion, and the investments of IAM and OULMES.
The second quarter of 2024 marks a recovery in the commercial performance of industrial companies, despite a contrasting first half. While financials continue to lead growth, the prospects for an acceleration of industrial activities in the second half are encouraging. The investment momentum observed should also support the industrial recovery in the coming months.
LNT
#BKGR #Report #industrial #rating #recovers
– 2024-09-03 00:11:34
