Not a Bad Year for Some After All
Corporate Performance
Moroccan companies have released their results for fiscal 2009 and while most faced a challenging environment, a few managed to do very well. These reports look at five leading companies that are publically traded and review their 2009 financial performance.
Attijariwafa Bank, Morocco’s largest bank and ranked third one in Africa saw it consolidated net earnings group expand by more than 26% to nearly MAD 4 billion. The bank, which is result of a merger between Banque Commerciale du Maroc and Wafabank, acquired several African banks.
Insurance firm Wafa Assurance managed a net income MAD 677.3 million, up 44.9% compared to 2008. Adjusting from non-recurring items, net income grew by 6.8%.
Industrial firm Delta Holding increased its revenues by 10.3%, while its net profit experienced a 24% increase to MAD 215.6 million.
IT equipment distributors Matel PC Market / Distrisoft, two companies that are slated to merge, ended the below analyst expectations. Despite the strong growth experienced by Matel’s turnover (+12%) but to a lesser extent by that of Distrisoft (+5%) the two companies added value declined by -6% reflecting the deterioration in the margins of both distributors amid a tough economic environment affecting the IT space.
The weakest of all was telecommunication giant Maroc Telecom generated MAD 30.3 billion in revenue, up only 2.8%, while its net income group contracted by -1%.
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