Revenue of listed companies on the Casablanca stock exchange rises by 9.9% in 2025

Wednesday 04 March 2026 - 14:15

The overall revenue of companies listed on the Casablanca Stock Exchange recorded solid growth in 2025, reflecting positive momentum across several sectors of the Moroccan economy. According to a report published by BMCE Capital Global Research (BKGR), the combined turnover of listed firms reached approximately 354.9 billion dirhams during the year, marking an increase of 9.9% compared with 2024.

The report indicates that this growth was largely driven by strong performances in industrial activities. Revenues in the industrial sector rose by more than 12%, reaching around 230.5 billion dirhams. Several companies contributed significantly to this expansion, including Managem, construction groups such as TGCC and SGTM, as well as the retail company Label’Vie.

However, not all sectors experienced the same trend. The energy distribution sector recorded weaker results, particularly for TotalEnergies Marketing Maroc, whose turnover declined by nearly 10% to about 15.1 billion dirhams.

Financial institutions also reported moderate growth. The net banking income of the financial sector increased by 5.4% year-on-year to reach roughly 99.1 billion dirhams. This performance was mainly supported by strong contributions from Bank of Africa and Banque Centrale Populaire.

The insurance sector also showed positive results. Gross written premiums in insurance and brokerage activities rose by 7.3%, reaching approximately 25.3 billion dirhams. The growth was driven largely by the strong performance of Wafa Assurance and AtlantaSanad Assurance.

According to BKGR, out of 67 listed companies that published their financial results, 55 reported higher annual revenues compared with the previous year, while 11 companies recorded declines and one remained stable. Even excluding the impact of recent initial public offerings, including STGM, Vicenne, and Cash Plus, the Moroccan stock market maintained strong momentum with revenue growth estimated at 8.8% in 2025.