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Rabat – In a report published on October 21, Morocco’s Deposit and Management Fund (SDG) announced that the country’s post-pandemic economic recovery is taking shape.
The report, “CDG Capital Insight,” underscores that companies listed in the Casablanca stock exchange market are reacting positively to the reopening of the different sectors of the Moroccan economy after the government lifted many of its COVID measures due to a successful vaccination campaign.
It explains that companies listed in the MASI index, the index tracking the performance of companies trading in the Casablanca stock exchange, have reported an increase in net revenue of 7.6% in the first six months of 2021, recording a total net revenue of MAD 127 billion ($14 billion).
The positive results are supported by the robust performance of the sub sectors of Morocco’s automotive industry, construction materials industry, and the energy industry.
The overall performance of MASI remains positive despite the net revenue loss of one of its major companies. Maroc Telecom, Morocco’s leading telecommunication company, delivered a MAD 17.780 million ($1.96 million) net revenue, down by 3% from the last six months of 2020 due to post-lockdown decrease in demand for internet.
CDG’s report also explains that banking sub-sectors were revitalized as the risk of reopening businesses declined.
Apart from the mining industry, operational activities have all reacted positively to the reopening of the economy, the report showed. The rise in production cost caused the mining sector to lose MAD 224.5 million ($24.758 million), a decrease of 57.3% from the same period in 2020.
The MASI index delivered a significant increase of 117.5% in the first six months of 2021 compared to the same period last year. The lockdown as well the contributions made to the COVID-19 Crises Management Fund have all contributed to the negative performance the index recorded last year.
The COVID Management Fund was established by King Mohammed VI to cover the various costs associated with upgrading the healthcare sector and support the national economy.
