During 2022, listed companies operated in a particularly unfavorable environment. For in-stance, we note a historically high average inflation rate of 6.6%, an appreciation of the dollar compared to the dirham of 13.1% and a bullish reversal of rates in Morocco supported by Bank Al-Maghrib's new monetary policy.

As of today, 67 listed companies representing more than 99% of the overall market capitalization have posted their revenues for the FY 2022. The main conclusions which emerge from our analysis are as follows:


  • The aggregate revenue of listed companies rose by +12.2% in Q4 22, in line with the trend observed over the first three quarters of the year, i.e. an increase of +14.0%. The growth in the market¡¦s revenue was mainly driven by the Energy and Finance sectors;


  • For the FY 2022, listed companies' aggregate revenue amounted to MAD 289 Bn, up +13.8%. This increase results from the repercussion by several listed companies of the surge in international input prices on their selling price. In this context, the Energy, Mining and Agribusiness sectors recorded the strongest rise, i.e. a of +54.0%, +28.7% and +23.3% respectively. Conversely, the Automotive and Cement sectors suffered decline in Demand and recorded respective decreases of -6.2% and -2.3%;


  • The visible increase in the financing requirements of listed companies within an inflation-ary context brought aggregate market debt(1) to MAD 56.4 Bn, up +7.9% in 2022;


  • The achievements of the listed sectors constituting the AGR-30 are relatively in line with our initial forecasts disclosed last January. Therefore, this is a sectoral achievement rate varying between 97 and 106%;


  • The release of listed companies¡¦ operational achievements in Q4-22 confirms our invest-ment strategy published in January (Cf. AGR House View). To this end, we recommended favoring the Banking & Mining sectors over a MT investment logic. Since the beginning of the year, these two sectors have posted an average stock market performance of +5.1% against -0.1% for the MASI index.