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    Morocco | BVC

    ATH | Auto Hall - H1-21 results : Exceptional commercial achievements, revision of our target price

    Provider: Attijari Global Research
    Category: Morocco | BVC
    Published: 29 September 2021

    At the end of the first half of 2021, Auto Hall shows a solid recovery of its revenue of 129% to MAD 2,825 Mn. Compared to H1-19, the growth rate is still high at 33.4%. At the origin of this performance, the recovery of automotive sales of +105% after a particularly difficult year 2020 under the effect of the health crisis...

    CMA | Ciments du Maroc - H1-21 Results : Profit above expectations, a strong signal for the FY 2021 dividend

    Provider: Attijari Global Research
    Category: Morocco | BVC
    Published: 24 September 2021

    In a context marked by a solid recovery in domestic cement consumption of +24.4% at the end of June 2021, CIMAR recorded an increase in its consolidated revenue of +17.0%, from MAD 1,696 Mn in H1-20 to MAD 1,985 Mn in H1-21. These achievements are in line with our initial forecasts which anticipated an annual turnover of MAD 3,909 Mn equivalent to a mid-term achievement rate of 51% (Cf. Listed Companies 2020 Results). Meanwhile ...

    CMA | Ciments du Maroc - Résultats S1-21 : Des bénéfices supérieures aux attentes, un signal fort pour le dividende 2021

    Provider: Attijari Global Research
    Category: Morocco | BVC
    Published: 24 September 2021

    Dans un contexte marqué par une solide reprise de la consommation nationale du ciment de +24,4% à fin juin 2021, CIMAR enregistre une progression de son CA consolidé de +17,0% passant de 1.696 MDH au S1-20 à 1.985 MDH au S1-21. Ces réalisations sont en ligne avec nos estimations initiales qui anticipaient un CA annuel de 3.909 MDH équivalent à un taux de réalisation semestriel de 51% (Cf. AGR Annuel Actions 2020). Par ailleurs ...

    TQM | Taqa Morocco - H1-21 Results : Preservation of earning power in H1-21, maintaining of our target price

    Provider: Attijari Global Research
    Category: Morocco | BVC
    Published: 23 September 2021

    As anticipated in the first quarter (Cf. Research paper -Taqa Morocco Q1-21 results), the half-year revenue of TAQA Morocco fell by -13.7% in H1-21 to MAD 3,465 Mn. In more detail, we note a -27.2% drop in the operator’s revenue during Q2-21 after a recovery of +1.5% in Q1-21. At the origin of this half-year variation, the simultaneous decline in power costs and energy costs during the same period : ...

    TQM | Taqa Morocco - Résultats S1-21 : Préservation de la capacité bénéficiaire, maintien de notre cours objectif

    Provider: Attijari Global Research
    Category: Morocco | BVC
    Published: 23 September 2021

    Comme anticipé lors de ce premier trimestre (Cf. Research paper -Taqa Morocco résultats T1-21), le chiffre d’affaires semestriel de TAQA Morocco recule de -13,7% au S1-21 à 3.465 MDH. A cet effet, nous relevons une baisse de -27,2% des revenus de l’opérateur durant le T2-21 après une reprise de +1,5% au T1-21. À l’origine de cette évolution semestrielle, la baisse simultanée des frais de puissance et des frais d’énergie durant la même période. Plus en détails : ...

    LBV | Label Vie - H1-21 Results : A continued growth dynamic during FY 2021

    Provider: Attijari Global Research
    Category: Morocco | BVC
    Published: 21 September 2021

    After a -10.2% drop in Label Vie's revenue during Q1-21 following the effect of over-stocking which marked the Q1-20, the distributor showed a recovery of +9.6% of its revenue at the end of this 2nd quarter. In H1-21, the Group’s consolidated revenue shows a slight decline of -1.0% to MAD 5,326 Mn. This is an achievement rate of 45% compared to our initial forecasts which anticipated an annual revenue of MAD 11,893 Mn.

    More Articles …

    1. LBV | Label Vie - Résultats S1-21 : Poursuite de la dynamique de croissance durant l'année 2021
    2. MUT | Mutandis H1-21 Results : An unfavorable FY 2021, not impacting the growth model
    3. MUT | Mutandis - Résultats S1-21 : Une année 2021 difficile, ne remettant pas en question le modèle de croissance
    4. BVC | Commentaire préliminaire des résultats semestriels 2021
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