Annual results: The tops of Moroccan listed companies

Annual results: The tops of Moroccan listed companies
Annual results: The tops of Moroccan listed companies

The cataclysm caused by the pandemic of the new coronavirus had, as expected, significant effects on the annual results of companies listed on the Casablanca Stock Exchange. However, the shock wave is not the same and some have been able to survive.

According to published financial indicators, 48 ​​companies posted lower results compared to 2019. Conversely, 19 companies recorded higher results compared to 2019, according to calculations by BMCE Capital Research (BKR).

“Having suffered from the effects of the health crisis on the operational side as well as by the impact of contributions voluntarily subscribed to the Covid-19 Fund, particularly for financials, the overall profit capacity deteriorated by -35.5% to 17.4 billion dirhams (MMDH) ”, specifies BKR, in this sense, noting that excluding the impact of these contributions, that is to say nearly 4.2 billion dirhams, the overall net income would come out less marked by 20% to 21.6 billion dirhams.

The best performances:

As for the winners, Label Vie reported a net income group share of 330 million dirhams (MDH), up 5.9% compared to 2019, driven in particular by good commercial performance, in particular during the first semester. The turnover thus exceeded the 11 billion dirhams (billion dirhams) mark. This increase affected all of the group’s business segments, namely Carrefour Market supermarkets (+ 12%), Carrefour hypermarkets (+ 13%) and Atacadao hyper cash (+ 1%).

The National Society of Electrolysis and Petrochemicals (SNEP) significantly improved its net profit by 36.4% to MAD 96 million. The operator’s operating profit for the past year amounted to nearly MAD 150 million, corresponding to an operating margin of 16.3%. “This is its highest level since the operator’s IPO. This performance is attributed to a positive price effect following the appreciation of the price of Ethylene ”, points out Attijari Global Research (AGR) in a note dedicated to the analysis of the results of the SNEP.

Managem, for its part, achieved a net profit attributable to the group of 225 million dirhams, against a deficit of 427 million dirhams during the previous year and a turnover of 4.726 billion dirhams, up 4%, thanks to the good performance from base metal sales volumes as well as the rise in precious metal prices (+ 25%). For its subsidiary, SMI, net income increased by 6.6% to MAD 97 million. However, “the financial performance of the SMI in 2020 is far from reflecting the favorable mining context,” according to AGR.

The pharmaceutical duo Promopharm and Sothema, whose net results jumped respectively by 15.6% to 60.2 MDH and 4.54% to 230 MDH. Nexans Maroc, for its part, improved its consolidated net income from MAD 22 million to MAD 47 million, Microdata by 8.9% to MAD 64.1 million and AtlantaSanad by 26.8% to MAD 472 million.

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