The North Africa Journal: Not a Bad Year for Some After All

Not a Bad Year for Some After All
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Arezki Daoud on 19 April, 2010 04:15:00
 
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%.
Read more details and analyst opinions here:
- Attijariwafa Bank
- Wafa Assurance
- Delta Holding
- Matel PC Market/Distrisoft
- Maroc Telecom  [Subscription information]