Stocks Market
Moroccan Listed Companies Post 10% Revenue Surge in 2025
Moroccan firms listed on the Casablanca Stock Exchange closed 2025 with a solid commercial momentum, delivering a near‑10% rise in total revenue to MAD 354.9 billion. The boost was led by the industrial sector (+12.2%) and supported by strong banking and insurance earnings. The fourth quarter alone saw a 12.2% year‑on‑year jump, underscoring the resilience of the market despite a dip in TotalEnergies Marketing Maroc’s sales. Key contributors included Managem, TGCC, SGTM, Label Vie and the banking group Bank of Africa, while total net banking income grew 5.4% and gross insurance premiums rose 7.3%. Capital expenditures climbed 10.3% to MAD 30.9 billion, driven mainly by Maroc Telecom’s 5G rollout.
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Overall Performance in 2025
According to BMCE Capital Global Research’s Q4‑2025 earnings note, listed Moroccan companies posted a total turnover of MAD 354.9 billion, up 9.9 % year‑on‑year. The growth was broadly distributed across sectors, with the industrial segment delivering the strongest boost.
Industrial Sector Leads the Rally
- Managem – benefited from the start‑up of production at Boto and Tizert and higher metal prices.
- Construction firms – TGCC surged after the successful integration of STAM VIAS and accelerated project execution; SGTM rode the wave of several flagship construction sites.
- Label Vie – added 80 new stores in 2025, creating a favourable perimeter effect.
The industrial revenue rose to MAD 230.5 billion (+12.2 %). The only notable drag came from TotalEnergies Marketing Maroc, whose sales fell 9.7 % to MAD 15.1 billion amid a weak price environment.
Banking and Insurance Remain on Track
Net banking income climbed 5.4 % to MAD 99.1 billion, led by Bank of Africa (+MAD 1.631 billion) and Banque Centrale Populaire (BCP) (+MAD 1.382 billion).
Gross insurance premiums grew 7.3 % to MAD 25.3 billion, helped by strong performance from Wafa Assurance and Atlanta Sanad.
Fourth‑Quarter Snapshot
- Q4 revenue: MAD 96.2 billion (+12.2 % YoY).
- Industrial turnover: MAD 65.1 billion (+16.4 %).
- Banking net income: MAD 24.6 billion (+2.8 %), despite a dip at Attijariwafa Bank.
- Insurance & brokerage: MAD 6.5 billion (+12.8 %).
- Sequential growth: +13 % from the previous quarter.
Sectoral Contribution to Revenue Growth
Construction & mining produced the biggest share of the 2025 revenue uplift:
- Construction (BTP): 37 %
- Mining: 17.1 %
- Banking: 15.2 %
- Specialised distribution: 7 %
- Health: 6.9 %
The gas sector registered the largest negative contribution (‑MAD 1,390 million), mainly due to TotalEnergies Marketing Maroc.
Balance‑Sheet Highlights and CAPEX
Net debt of non‑financial listed firms rose 4.2 % to MAD 65.2 billion, reflecting higher leverage at Akdital, Ciments du Maroc and Managem.
Industrial CAPEX reached MAD 30.9 billion (+10.3 %). The biggest jumps were recorded by Marsa Maroc, CMGP Group, Risma and TGCC. Maroc Telecom alone accounted for 35.2 % of the total investment envelope, driven by its 5G deployment.
Key Take‑aways
- 55 of 67 listed companies posted higher annual revenues; the overall growth rate, excluding new IPOs, stands at +8.8 %.
- Ex‑Maroc Telecom revenues would have risen +11.1 % without the telecom segment.
- Quarter‑on‑quarter revenue momentum remains robust at +13 %.