Key points
- Combined net profit (group share): 29.6 billion dirhams, up 12.9%.
- Combined revenue: 189.6 billion dirhams, up 10.3%.
- Scope: 72 listed companies that published their accounts.
- Main driver: mining companies, especially Managem.
Double-digit profit growth
According to the half-year study by BMCE Capital Global Research (BKGR), reported on October 2, 2026, the 72 listed companies that published their accounts made a combined net profit of 29.6 billion dirhams in the first half of 2026, up 12.9% on a year earlier. Their combined revenue reached 189.6 billion dirhams, up 10.3%. Revenue of industrial companies grew 13.2% to 124.8 billion.
Mining companies did most of the work
The mining sector added about 3.6 billion dirhams to profit growth, thanks in particular to the Boto mine in Senegal and the Tizert mine in Morocco. Managem alone accounts for almost 3.4 billion dirhams of the increase. According to BKGR, without this contribution the market’s total profit would have been almost flat.
Banks and telecoms lagged
- Financial companies saw gross operating profit fall 1.8% to 29.6 billion dirhams, hit in particular by BCP (−9.7%). Their net banking income rose only 1.6%.
- Telecoms had a negative contribution of about 1.6 billion dirhams, because the first half of 2025 included one-off income linked to the IAM/Wana case.
What it means for investors
A market average can hide big differences between sectors. When total profits rise thanks to a few companies, it does not mean that every stock is doing well. That is why it pays to study each company on its own, for example with our company profiles.
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.
