In short
- Law 44-12 provides for annual, half-year and quarterly publications.
- A company must also publish important information as soon as it knows it.
- The AMMC sets the methods and deadlines.
- A quarterly figure may be provisional.
The main publications
According to a Finances News Hebdo article from March 2026:
| Publication | Reference | Content |
|---|---|---|
| Annual report | Art. 10 | Auditors’ reports on the annual accounts and, where relevant, consolidated accounts. |
| Half-year report | Art. 11 | First half, with a limited review statement. |
| Quarterly indicators | Art. 12 | Business and financial indicators. |
| Ongoing information | Art. 15 | Any information that could significantly affect the share price. |
Audited, limited review, provisional
- Audited accounts: an auditor has checked them through a full procedure.
- Limited review: the check is less extensive.
- Provisional indicators: they may not be audited. A real example: Cash Plus states that its end-September figures are provisional and unaudited.
Reading a quarterly statement
The period
The quarter alone, or the total since the start of the year?
The scope
The group (consolidated) or the company alone (standalone)?
The comparison
With the same period of the previous year?
What is missing
A statement may give revenue without giving profit.
Delaying information
According to the same source, a company may temporarily delay important information, on its own responsibility, if publishing it would harm its legitimate interests. The information must stay confidential, the delay must not mislead the public, and the AMMC must be told.
Where to find these documents
The AMMC publishes issuers’ statements and financial accounts on its website. The Casablanca Stock Exchange also highlights some publications.
Frequently asked questions
What are the exact deadlines?
The AMMC sets the deadlines and methods. Its current regulations remain the reference.
Does a good publication lift the share price?
Not necessarily. The price also depends on what the market was expecting.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
