Stocks Market
Moroccan Market Snapshot: Sonasid’s 47% Profit Surge, Share Buybacks, and ISO Certification Impact
Moroccan investors welcomed a series of corporate highlights this week: Sonasid announced a 47 % jump in 2014 profits despite an 11 % drop in revenue, while the Casablanca Stock Exchange saw mixed moves as major players Lafarge and Holcim lifted the market. Meanwhile, Salafin launched a 5 % share‑buyback plan and HPS secured ISO 27001 certification for its processing services. These developments paint a picture of resilience amid a fluctuating market environment.
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Sonasid’s Strong Profit Upswing
Despite a headline‑sizing 11 % decline in 2014 revenue to 4.1 billion Moroccan dirhams, Sonasid posted a remarkable 47 % jump in net profit. EBITDA slipped 13 % to 356 million dirhams, and operating profit fell 34 % year‑on‑year. The turnaround demonstrates the company’s ability to tighten costs amid a contracting market.
Casablanca Stock Exchange Drama
March 18, 2015, saw the main index dip 0.83 % to 10,340 points as volatility widened. While the first half of the trading session experienced a 1 % slide, the market rallied later in the day to finish closer to its opening level.
Lafarge & Holcim Lift Market
On Friday, March 20, 2015, the Casablanca market closed up 1 % thanks to a nearly 9 % premium from the capitalisations of Lafarge and Holcim, the two biggest listed groups. The rally proved resilient after a brief 15‑minute red‑flag episode in the first half-hour.
Air of Volatility – Thursday Openings
Both March 19 sessions opened lower – a 0.71 % slide on the 5 p.m. session punctuated by only 7 billion dirhams of volume, heavily weighted to Morocco Telecom (5.4 billion) and Addoha (1.4 billion).
Salafin Launches Share‑Buyback Program
Salafin announced a buy‑back plan covering 119,724 shares (5 % of equity) spread over 18 months until October 13, 2016. The move aims to return cash to shareholders while tightening the share supply.
Zellidja Faces Profit Warning
Due to the stoppage of business at its ZELLIDJA Foundry subsidiary, Zellidja issued a profit‑warning for 2014, highlighting operational challenges across its portfolio.
HPS Achieves ISO/IEC 27001 Certification
HPS, a global leader in payment solutions, secured ISO/IEC 27001 certification for its Processing & Switching operations in Morocco, underscoring its commitment to information security.
Takeaway for Investors
The week’s mixed outcomes – a bold profit growth at Sonasid, defensive share buybacks, and regulatory milestones like ISO certification – underscore the market’s capacity to balance growth and risk. Investors should monitor earnings releases and regulatory filings for evolving signals.