For the 2024 fiscal year, the operational and financial performance of listed companies on the Casablanca Stock Exchange occurred in a context marked by a continuous decline in inflation and a significant increase in public demand.
Upon analyzing these results, five key messages emerge:
- Listed companies confirm their optimism for 2024, as announced during the publication of their 2023 annual results in March. Indeed, recurring profit growth(1) reached +19.3% compared to an initial AGR estimate of +16.0%. This is the highest level of annual growth since the post-Covid recovery in 2021;
- The Banking and Energy sectors are the main contributors to the increase in the market’s profits, contributing 80%. Excluding these two sectors, the market's recurring profit growth remains relatively fair at +7.8%;
- In 2024, the total dividend fell by -4.2% due to the decline in Maroc Telecom's dividend by MAD -2.4 Bn. Excluding this effect, the market's dividend shows an increase of +11.2%, supported by 37 listed companies which have announced an increase in their DPS for the FY 2024;
- The dividend payout efforts of listed companies have not been able to positively impact their dividend yield, which stands at a historic low of 2.2% in 2024. This is due to the more than proportional increase in market capitalization by +37.8% over the last 12 months above MAD 925 Bn;
- For 2025, a natural deceleration in the profit growth of listed companies is expected. This forecast is based on two main factors: a high base effect in 2024 and the decline in commodity prices impacting the Energy sector in Morocco.
