The Moroccan stock market has recorded a significant increase in revenues, rising by 10.3% in the first half of 2026 compared to the same period in 2025. According to a report by Attijari Global Research (AGR), the aggregated revenues reached 194.78 billion dirhams (MMDH) as of June 2026, up from 176.56 MMDH in June 2025. This growth marks the highest level since the first half of 2022.
The report highlights that the mining sector has been a major contributor to this growth, with a 145% increase in revenues. However, when excluding this "historic" performance, the growth in revenues stands at 6.1%. The operating result (REX) of the stock market also saw a significant increase, rising by 17.7% to 51.6 MMDH in the first half of 2026.
The operational margin of the stock market also improved, increasing from 24.8% in the first half of 2025 to 26.5% in the first half of 2026. This gain in profitability is largely attributed to the positive contribution of the mining sector, which saw its margin more than double from 20.8% to 42.3% over the same period.
The growth in recurring profits, excluding exceptional revenues from Maroc Telecom, stood at 20.8% in the first half of 2026, up from 14.1% in the first half of 2025. However, experts from AGR note that this growth should be considered in the context of the significant profits recorded by mining companies. Excluding this sector, the recurring profits of the stock market show a marked deceleration to 6% compared to 14% in the first half of 2025.
As of the end of the first half of 2026, 51 listed companies, representing 86% of the market capitalization, reported an increase in their profits. Conversely, 25 issuers recorded a decline in their semi-annual profits, accounting for 14% of the market capitalization. Additionally, eight listed companies reported net losses, while two companies, Promopharm and Involys, issued a "Profit Warning" announcing a significant decline in their results.
The aggregated profit of the stock market increased by 5.1 MMDH between the first half of 2025 and the first half of 2026, with 3.6 MMDH generated by the mining sector. The mining sector was the primary contributor to the growth in market profits, with a combined net profit increase of 3.646 MMDH, accounting for 72% of the variation in the overall profit.
The banking sector was the second-largest contributor, with a positive impact of 835 million dirhams (MDH). Despite a modest increase in net banking income of 1.3%, listed banks benefited from a significant improvement in their risk costs, decreasing by 34.7%. On the other hand, the cement sector recorded a decline of 161 MDH, primarily due to the increase in input costs.
Key points
- Moroccan stock market revenues increased by 10.3% to 194.78 billion dirhams in the first half of 2026.
- The mining sector was the primary contributor to the growth in market profits, accounting for 72% of the variation.
- The operational margin of the stock market improved to 26.5% in the first half of 2026, up from 24.8% in the same period in 2025.
