5 Moroccan Companies Among Arab World’s Biggest 100 Firms

Rabat – Five Moroccan companies appeared on the 100 top list of Fortune 500 Arabia, a ranking of the largest companies in the Arab world based on reported and verified revenue.

Morocco’s fertilizer giant OCP Group was the highest ranking Moroccan company on the list, taking the 22nd place.

According to the report, OCP recorded a 19% year-on-year increase in revenue in 2022, triggered by the dramatic rise in global fertilizer prices and improved demand for phosphates in Morocco from the world’s largest importers.

OCP’s revenue hit MAD 114.57 billion ($11.2 billion) in 2022, up from MAD 84.3 billion ($9.4 billion) a year earlier.

The company has ambitious plans to continue to boost production. OCP announced a MAD 130 billion ($12.3 billion) plan to boost fertilizer production using renewable energy and power its industrial facilities with green energy by 2027, as part of a strategy to achieve carbon neutrality by 2040.

The second Moroccan firm on the list was Attijariwafa bank in 47th place. The banking group reported a 5.87% year-on-year drop in revenues in 2022 due to the economic headwinds from the Russia-Ukraine war. The group’s revenues stood at MAD 45.59 billion ($4.44 billion) in 2022.

The bank offers a wide range of financial services through its multiple subsidiaries, including service and consumer insurance, mortgage loans among others. The group is present in 24 nations across Africa.

Banque Centrale Populaire is the third Moroccan company on the list, ranking in the 68th position. The bank’s revenues dropped by an annual rate of 6.8% in 2022, reflecting a wider trend within the banking sector.

The bank’s revenue stood at MAD 28.27 billion ($2.75 billion) in 2022, down from MAD 26.56 billion $2.95 billion) a year prior.

The Moroccan banking groups own money transfer network Chaabi Cash (M2T) and Attawfiq Microfinance (AMF). The two entities are leaders in microfinance in Morocco. Similar to Attijariwafa Bank, the companies have an extensive presence in Africa, and recently opened new branches in the Middle East.

The fourth Moroccan company on the list was another banking group, Bank of Africa, taking 90th place. Much like the two other banks, Bank of Africa has an extensive presence across the African continent.

In 2022, the group saw a 2.98% year-on-year drop in revenues, driven by an acquisition deal of a stake in Morocco’s Bank Al-Tamweel wal Al-Inma (BTI).

The Moroccan bank’s revenue hit MAD 22.74 billion ($2.21 billion) in 2022 down from MAD 20.52 billion ($2.28 billion) a year earlier.

The fifth Moroccan company on the ranking was Total Energy Marketing in the 96th position in the ranking. TotalEnergies Marketing Maroc’s revenue increased by 34.13% year-on-year in 2022, echoing a larger economic recovery.

The company’s revenue hit MAD 19.7 billion ($1.9 billion) in 2022, from MAD 12.8 billion ($1.4 billion) a year earlier.