Stocks Market
Casablanca Stock Exchange: Listed Companies' Profits Surge 38.2% in 2025
The Casablanca Stock Exchange concluded 2025 with impressive results, as listed companies reported a 38.2% year-on-year surge in profits to 51.7 billion dirhams. This significant improvement was largely driven by Maroc Telecom's return to profitability and strong contributions from the mining, banking, and construction sectors. Total revenues climbed 10.2% to 366 billion dirhams, with construction leading the gains. The upbeat performance aligns with a supportive economic backdrop, including sub-1% inflation, a rebound in agriculture, and large-scale infrastructure initiatives tied to upcoming international sports events.
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Robust Profit Growth in 2025
According to research firm MSIN, the aggregate profit of companies listed on the Casablanca Stock Exchange surged by 38.2% year-on-year in 2025, reaching 51.7 billion dirhams. This marks a significant acceleration compared to the previous year.
A key factor behind this increase was the turnaround at Maroc Telecom (ticker: IAM). The telecom giant's profit rebounded to 7 billion dirhams in 2025 from just 1.8 billion dirhams in 2024, following the resolution of a long-standing dispute with Wana Corporate through a joint venture agreement signed in March 2025. Even when excluding Maroc Telecom, the adjusted profit growth remained robust at 25.6%.
Sectoral contributions to the additional profits were led by mining (+2.8 billion dirhams), banking (+2.4 billion dirhams), and construction (+2.3 billion dirhams).
Revenue Expansion Highlights
Total turnover for listed companies grew 10.2% to 366 billion dirhams, gaining 33.7 billion dirhams over 2024. The construction sector (BTP) was the primary driver, generating 11.7 billion dirhams in extra revenue and posting a 27.7% increase. Other sectors with notable revenue growth included:
- Mining: +5.5 billion dirhams (+51.9%)
- Banking: +4.8 billion dirhams (+5.3%)
- Distributors: +4.4 billion dirhams (+15.9%)
- Insurance: +2.5 billion dirhams (+9.9%)
- Health: +1.7 billion dirhams (+45.0%)
Favorable Domestic Environment
MSIN notes that these results were supported by a benign domestic environment. Inflation remained subdued below 1% throughout 2025. The 2024/2025 agricultural campaign saw a 41% improvement over the previous season, boosting rural incomes. Real estate and construction activities continued their upward trend.
Government programs also played a role, including the housing aid scheme, slum rehabilitation, and the launch of multiple infrastructure projects related to the 2025 Africa Cup of Nations and the 2030 World Cup. Additionally, rising precious metal prices provided a tailwind for the mining sector amid international uncertainty.