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AFMA Reports 3% Revenue Growth in Q1 2026, Net Debt Turns Positive
Moroccan insurance broker AFMA posted a solid start to 2026, with consolidated revenue rising 3% to 95 million dirhams in the first quarter. Social‑line revenue jumped 5% to 80 million dirhams, while net financial debt switched from a 7 million‑dirham liability at the end of 2025 to a surplus of 19.3 million dirhams by the end of March 2026, signalling an improvement in the group’s financial position.
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Key Financial Highlights
- Consolidated revenue reached 95 million dirhams, up 3 % year‑on‑year.
- Social‑line revenue climbed to 80 million dirhams, a 5 % increase.
- Investments in Q1 2026 amounted to 2.4 million dirhams, slightly below the 2.6 million recorded for the same period in 2025.
- Net financial debt turned from a 7 million‑dirham liability at the end of 2025 to a 19.3 million‑dirham surplus by the end of March 2026.
- The scope of consolidation remained unchanged throughout the quarter.
AFMA attributes the modest revenue growth to a sustained commercial push, driven by the acquisition of new clients and the strengthening of existing portfolios. The improvement in net debt underlines the group’s focus on financial discipline and cash‑generation capacity.
While the investment outlay dipped marginally, the company’s core operating performance remains resilient, suggesting a stable outlook for the insurance brokerage sector in Morocco.