Maroc Telecom, Morocco’s leading telecom provider, saw its debt rise by 6.6 billion MAD, pushing its total debt to concerning levels. This increase was primarily due to the resolution of a legal dispute with a rival company. The rise contributed to a 17% increase in net debt among non-financial companies listed on the Casablanca Stock Exchange, reaching a total of 69.9 billion MAD. Maroc Telecom now holds the distinction of being the most indebted company on the exchange.
Alongside Maroc Telecom’s debt rise, other companies like Afriquia Gaz saw their debt grow by 2.1 billion MAD, driven by delays in payments from the Compensation Fund. The report from BMCE Capital also revealed a 4.7% rise in the turnover of listed companies by the end of September, reaching 230 billion MAD. The growth was fueled by an 11.5% increase in net banking income in the financial sector, while industrial revenues saw a modest 1.9% uptick.
The financial sector’s net banking income grew by 11.5%, reaching 69.6 billion MAD, supported by a 5.1% increase in interest margins. Meanwhile, the insurance sector saw a 2.8% increase in turnover, driven by life insurance growth.
Industrial companies also experienced growth, with key players such as General Construction Company (TGCC) and Jet Contractors reporting significant revenue increases. Investments in industrial companies rose by 17.3%, with notable contributions from companies like Managem, which invested in the Boto gold project in Senegal.
Maroc Telecom accounted for a significant share of total investments by listed companies, representing 37% of the total, followed by the mining sector (31%) and food industries (7%).
