Casablanca Stock Exchange Profits Surge in 2025 as Growth Momentum Strengthens

The annual profit capacity of the Casablanca Stock Exchange reached 50.9 billion dirhams (MMDH) in 2025, representing a 40% increase compared to the previous year, according to BMCE Capital Global Research (BKGR).

Excluding elements related to the INWI/IAM dispute, overall net income attributable to shareholders (NIAS) rose by 22.3% to MAD 49.5 billion. This growth was supported by a combined improvement in earnings from both industrial and financial sectors.

Industrial companies recorded a 32.9% increase in net income, reaching MAD 25.1 billion, while financial institutions posted a 13.2% rise to MAD 22.3 billion. Over the past four years, NIAS for listed companies has increased significantly, climbing by 78% and reflecting sustained growth momentum across the market.

The Insurance and Brokerage sector also benefited from a strong technical performance. The sector’s profit capacity on the Casablanca Stock Exchange rose by 11.8% to reach 2 MMDH. This increase occurred despite a deterioration in the non-technical result, where the deficit widened to 98 million dirhams (MDH).

In the mining sector, listed companies on teh Casablanca Stock Exchange experienced a remarkable turnaround

Net income in the mining sector surged from 796 million dirhams in 2024 to 3,597 million dirhams in 2025, representing a 4.5-fold increase. This sharp rise was mainly driven by the launch of new projects by Managem, including Boto in Senegal and Tizert in Morocco, as well as a strong increase in gold and metal prices during the period.

BKGR also highlighted that the total amount of announced dividends grew by 16.9%, reaching 24.5 billion dirhams. Out of 54 listed companies on the Casablanca Stock Exchange, 42 announced a dividend per share higher than in 2024. However, despite this increase in payouts, the dividend yield declined to 2.6%, compared to 2.8% the previous year. This drop was mainly due to a significant rise in overall market capitalization.

Meanwhile, the 2025 price-to-earnings ratio remained broadly stable, standing close to its historical average of 20.1 times. Overall, BMCE Capital Global Research concludes that while the stock market has confirmed strong earnings growth in 2025, expectations for 2026 are becoming more demanding.

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