Companies listed on the Casablanca Stock Exchange have reported a significant increase in their financial aggregates for the first half of 2026. According to an analysis by BMCE Capital Global Research (BKGR), the combined revenue of 72 companies that have published their accounts reached 189.6 billion dirhams, up 10.3% from the same period last year. This growth is largely driven by the industrial sector, which saw a 13.2% increase in revenue to 124.8 billion dirhams.
The insurance sector also showed a marked progression, with net premiums increasing by 21.4% to 13.7 billion dirhams. However, the financial sector grew more moderately, with a 1.6% increase in net banking product to 51.2 billion dirhams. This was largely due to a decline in results from market activities. The mining sector played a significant role in driving growth, with its contribution accounting for a substantial portion of the overall increase.
The operating result of the companies studied increased by 5.4% to 56.6 billion dirhams. The industrial sector was the main driver of this growth, with a 14.8% increase in operating result to 25.5 billion dirhams. When adjusted for the exceptional effect related to the Maroc Telecom-Wana dispute, the industrial operating result increased by 26.2%. The mining sector was instrumental in this growth, with Managem's operating result multiplying by nearly 6.7 and SMI's more than doubling.
Other sectors also reported significant progress. In the technology sector, the aggregate operating result of software and IT services increased by 50.4%. Companies such as HPS and M2M saw substantial growth, with increases of 168.4% and 325% respectively. In the construction materials and infrastructure sectors, Sonasid reported a 46.1% increase in operating result, while Ciments du Maroc and SGTM saw growth of 16.3% and 13.8% respectively.
Despite these positive trends, the growth is highly concentrated, with the mining sector playing a dominant role. Excluding the mining sector, the overall operating result of the market would have declined by 3% in the first half of 2026. Managem alone accounted for a substantial portion of the increase in profits, with its operating result showing a significant increase.
The net profit of the companies listed on the Casablanca Stock Exchange also showed a significant increase, rising by 12.9% to 29.6 billion dirhams. BKGR attributes this growth to the strong performance of the mining sector, particularly Managem. The sector's growth was largely driven by the increase in precious and base metal prices.
The performance of the Casablanca Stock Exchange is a reflection of the mixed trends in various sectors. While some sectors such as mining, technology, and construction materials showed significant growth, others experienced more moderate increases. The market's overall performance is expected to be influenced by various factors, including the evolution of metal prices and the overall economic climate.
Key points
- Moroccan stock market companies report 12.9% rise in net profits for first half of 2026.
- Mining sector drives growth, with Managem's operating result multiplying by nearly 6.7.
- Excluding mining sector, overall operating result of market would have declined by 3% in first half of 2026.
