Casablanca Stock Exchange: Increase in Revenue and Strong Investments by Listed Companies
The total revenue of companies listed on the Casablanca Stock Exchange rose by 5.6%, reaching MAD 246.4 billion compared to the end of September 2024, supported by strong performance across all sectors.
According to the third-quarter report by the research center BKGR for 2025, the banking sector contributed to revenue growth by 32%, followed by the construction and public works sector at 17.4%, the healthcare sector at 11.8%, hypermarkets at 11.3%, and mining at 8.3%.
Conversely, the net debt of listed companies increased by 17.4% to MAD 76.3 billion compared to the end of 2024. This rise was primarily due to an increase in mining sector debt by MAD 5.6 billion resulting from progress on strategic projects, along with an increase in Cement of Morocco’s debt by MAD 2.2 billion due to a loan for the acquisition of Cement Temara. The telecommunications sector accounted for 24% of total debt, followed by mining at 21% and construction at 12%.
In terms of revenues, listed industrial companies saw an improvement of 5.4%, reaching MAD 154.1 billion, driven mainly by the commercial performance of LABEL VIE, which opened 80 new stores in 2025. New hospitals and historical institutions contributed to Akdital leading the revenue growth list, followed by Managem in third place. Meanwhile, Total Energies Morocco experienced a decline of 10.8% to MAD 11.4 billion due to negative price impacts despite an increase in quantities sold.
In the financial sector, net banking income increased by 6.2% to MAD 73.6 billion, buoyed by the good performance of all banks, especially Bank of Africa and Attijariwafa Bank, which benefited from reduced refinancing costs linked to lower key interest rates.
For the third quarter alone, revenue rose by 5.4% to MAD 82.1 billion, with contributions from industries at MAD 53.4 billion (+6.6%) and the financial sector at MAD 23.9 billion (+3.8%), as well as the insurance sector at MAD 4.9 billion (+0.7%).
Regarding investments, listed industrial companies invested approximately MAD 19.3 billion during the first nine months of 2025, an increase of 34% compared to the same period in 2024. The telecommunications sector led these investments, accounting for 37% of the total, spearheaded by Maroc Telecom, which raised its investments by 33% to MAD 7 billion for the deployment of fiber-optic networks and 5G equipment. This was followed by Marsa Morocco, whose investment increased 4.6 times to MAD 1.783 billion for equipment renewal and infrastructure modernization, while the mining sector represented 31% of the investments, and the healthcare sector 6%.
