At the end of 2022, Label Vie's revenue stands at 13,947 Bn, slightly higher than our forecasts which anticipated an activity level of 13,556 Bn. Therefore, yhe Group recorded a sustained growth of +18.6% in 2022, the highest in the last decade. This performance is attributed to:
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:
Durant l’année 2022, les sociétés cotées ont évolué dans un environnement particulièrement défavorable. A titre d’exemple, nous relevons un taux d’inflation moyen historiquement élevé de 6,6%, une appréciation du dollar par rapport au dirham de 13,1% et un retournement haussier des taux au Maroc soutenu par la nouvelle politique monétaire de Bank Al-Maghrib. À date d’aujourd’hui, 67 sociétés cotées représentant plus de 99% de la capitalisation globale du marché ont publié leurs revenus au titre de l’exercice 2022. Les principales conclusions qui ressortent de notre analyse se déclinent comme suit :
The release of H1-22 results of listed companies comes amid an unprecedented context marked by an acceleration of inflation at local and international level. Despite the resilience of earnings growth at the end of June 2022, the Equity market seems to be more penalized by less favorable investor expectations, particularly after Bank Al-Maghrib raised its Key Rate by 50 BPS to 2.0% for the 1st time since 2008.
La publication des résultats semestriels 2022 des sociétés cotées intervient dans un contexte inédit maqué par une accélération de l’inflation au niveau local et international. En dépit de la résilience de la croissance bénéficiaire à fin juin 2022, le marché Actions semble davantage pénalisé par les anticipations moins favorables des investisseurs, particulièrement après le relèvement de Bank Al-Maghrib de son Taux Directeur de 50 PBS à 2,0% et ce, pour la 1ère fois depuis 2008.
At the end of the 1st half of 2022, Cosumar recorded an increase in its consolidated revenue of +16% to MAD 5,076 Mn, driven mainly by the Export activity. This rose by +68%, going from MAD 1,272 Mn in H1-21 to MAD 2,137 Mn in H1-22. This is due to a double positive Price/Volume effect.According to the Foreign Exchange Office statistics, the export selling price would stand at MAD 5,583 T in H1-22 against MAD 4,118 T in H1-21, an increase of +36%. On the other hand, the volumes exported jumped by +24%, going from 309 KT to 383 KT over the same period. Compared with our annual forecast, the achievement rate of revenue settles at 50%.
