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Rabat – Forbes Middle East has included five Moroccan companies in its “Top 100 Listed Companies” list for 2022, featuring Attijariwafa bank, Maroc Telecom, Banque Centrale Populaire (BCP), Bank of Africa, and LafargeHolcim Maroc.
The American business magazine annually creates its rankings based on companies’ sales, profits, assets, and market values. This year’s assessment excluded the listed subsidiaries of listed companies that did not disclose their 2021 audited financial statements as of April 20, 2022.
Despite the global economic crisis, Forbes said that Middle East’s listed companies recorded $201.7 billion in net incomes in 2021, up by 121% from $91 billion in 2020 net incomes.
The listed companies featured in the Forbes ranking witnessed a surge in aggregate assets and market values that reached $4.2 trillion and $4 trillion, up from $3.6 trillion and $3 trillion in the last year’s list.
For the third consecutive year, the world’s oil and gas giant, Saudi Aramco topped the ranking with $400.5 billion in sales and a market value of $2.3 trillion. Saudi companies notably dominated the list with 33 entries — ahead of the UAE that recorded 25 entries, Qatar with 16, and Kuwait with eight.
As well as the banking and financial sector (42 entries), the Middle East’s “biggest listed companies” are influential players in the energy, industrial, and petrochemical sectors.
This year’s list notably welcomed 24 newcomers including Morocco’s Bank of Africa and Maroc Telecom.
Attijariwafa Bank
Attijariwafa Bank, led by Mohamed El Kettani, ranked 23th on the Forbes list.
As Morocco’s largest bank, Attijariwafa Bank has a market value of $10.3 billion. With roughly 10.6 million customers in Morocco and Africa, the bank recorded $4.3 billion in sales and $630 million in profits as of 2022.
Last year, Attijariwafa Bank launched @MBITIONS 2025, a strategic plan aimed at advancing its positioning in Africa.
Embracing advanced big data technologies in accordance with international standards for efficiency and risk, the Moroccan group projects to become the continent’s leading banking and financial group.
The bank also signed, in March 2022, a memorandum of understanding with the Moroccan Agency for Energy Efficiency to consolidate cooperation in green financing and energy efficiency.
Maroc Telecom
Morocco’s major telecommunications provider, Maroc Telecom, featured 40th in the list. Besides Morocco, the company operates in 11 African countries, including Burkina Faso, Mali, Mauritania, Côte d’Ivoire, and Togo.
Maroc Telecom currently has 76 million customers. Last year, the Emirati technology and investment group e& became the major stakeholder in Maroc Telecom after it raised its ownership share from 4.7% to 53%. e& also featured in Forbes list in the 9th position.
Maroc Telecom has a market value of $12 billion and assets estimated at $6.3 billion. This year, the company has so far recorded $3.7 billion in sales and $708 million in profit.
Banque Centrale Populaire (BCP)
Forbes placed the Moroccan group of 10 cooperative banks in the 46th position. Operating in 24 countries, the company reached a market value of $5.5 billion and $2.7 billion in sales with a $279 million profit margin as of 2022.
With a strong presence in Morocco, BCP works on supporting local talent by assisting students and owners of small projects. Earlier this year, in April, BCP’s Business Creation Foundation and the Regional Banque Populaire of Laayoune launched a program for small projects.
Bank of Africa
The fourth Moroccan company on the list is Bank of Africa. Led by Othman Benjelloun, the banking group is in 55th place with a market value of $4.2 billion as of 2022. The group grossed $291 million and currently holds $35.3 billion of assets in more than 20 African countries.
Over the past decade, the Bank of Africa has been pursuing an ambitious expansion strategy in Africa. It has now 6.6 million customers served by more than 14,9000 personnel.
LafargeHolcim Maroc
Ranking 99th, LafargeHolcim Maroc has a current market value of $4.7 billion and assets valued at $2.1 billion. The company was established in 2016 after the merger of Lafarge Lafarge Ciments and Holcim Maroc, valued at $1 billion.
Placed second-last in the list, the Moroccan industrial company operates from 40 production and distribution sites with a network of 2,500 employees and subcontractors.
