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Marrakech – Morocco’s corporate sector has demonstrated its resilience and growth potential in Forbes Middle East’s 2024 rankings, with four companies securing spots in the top 100 listed companies.
In the top 100 listed companies ranking, Attijariwafa Bank Group, led by Chairman and CEO Mohamed El Kettani, secured the 28th place, with a market value of $10.7 billion, sales of $4 billion, profits of $896 million, and assets of $65.1 billion.
Forbes reported that as of December 2023, Attijariwafa Bank had more than 12 million customers and employed 20,782 people across 27 countries.
The bank’s loan market share in Morocco increased to 26.97%, and its deposit market share reached 25.21% in 2023.
In January 2024, Attijariwafa Bank Europe signed a $109.4 million risk-sharing agreement with the African Development Bank. Morocco-based Al Mada is the bank’s major shareholder, with a 46.5% stake.
BCP Group, led by Chairman and CEO Mohamed Karim Mounir, followed at 42nd place, with a market value of $5.9 billion, sales of $2.9 billion, profits of $409 million, and assets of $51.4 billion.
According to Forbes, BCP Group had a presence in 32 countries, including 18 in Africa, and approximately 9.3 million customers as of June 2023.
In October 2023, the bank signed a financing partnership worth $36 million with the International Finance Corporation and the Compagnie Marocaine de Goutte-à-Goutte et de Pompage to support the development of precision irrigation, solar energy, and effective water management systems in Morocco.
Maroc Telecom, led by Chairman of the Managing Board Abdeslam Ahizoune, ranked 51st, with a market value of $8.4 billion, sales of $3.6 billion, profits of $609 million, and asset value of $6.5 billion.
Forbes further noted that Maroc Telecom’s customer base grew by 2.7% to 77.1 million subscribers in Q1 2024.
Established in 1998 after the split of the National Post and Telecommunications Office (ONPT), Maroc Telecom is now present in 11 African countries.
The Société de Participation dans les Télécommunications, controlled by technology and investment group e&, holds a 53% stake in the company, while the government of Morocco owned a 22% share as of April 2024.
Bank of Africa, led by Chairman and CEO Othman Benjelloun, secured the 56th position, with a market value of $4.1 billion, sales of $2.5 billion, profits of $403 million, and assets of $38.4 billion.
Forbes reported that as of October 2023, Bank of Africa had operations across 32 countries, serving over 6.6 million customers.
The bank has 609 branches and points of sale in Africa, contributing 49% of net income attributable to shareholders of the parent company. RMA Watanya is the largest shareholder, with a 27.41% stake.
Saudi Aramco topped the overall list, followed by the Saudi National Bank and the International Holding Company.
The banking and financial services sector was the most represented, with 45 entries.
In a separate ranking released earlier, Forbes Middle East had also recognized the strength of Morocco’s banking sector, with Attijariwafa Bank, BCP Group, and Bank of Africa featured among the 30 most valuable banks in the MENA region.
The aggregate market value of those 30 banks had grown by 14% over the 12 months prior to February 23, 2024, reaching $581.1 billion.
Read also: Forbes’ 100 Most Powerful Businesswomen for MENA Features 4 Moroccans
