Companies listed on the Casablanca Stock Exchange registered a decreasing financial performance during the first half of 2015, despite an increase of 4.3% in the global economic growth during the second quarter.

The global revenue of these companies was of 120.1 billion dirhams, decreasing by 7.2% and the net global profit was of USD 9.8 billion, decreasing by 32%.

However this negative result hides some inequalities. Some companies had a net loss, but the remaining ones showed an increase of 4.3% in the global revenue and a rather meek increase (+0.1%) in their total net profit, with 24.2 billion dirhams. Moreover, it is worth noting that, despite the decrease in these indicators, the operational margin and net margin remained stable at respectively 23% and 19%.

Despite a decrease in the net profit of Centrale Laitière (-86%) and Unimer (-13.9%), the food industry sector saw the biggest increase in net profit (+11.3%) with 708 million dirhams. The banking sector had the highest global net profit with 5.1 billion dirhams, despite the below average performances of BMCI (-13.2%), Crédit du Maroc (-54.8%) and CIH (-28.8%).

The reaction of the Moroccan financial market was mixed over the period in question. MASI, its main index, decreased by 5.1%. A dive which continued after June, at -6.5% since the beginning of the year, even while the dividend yield and gross revenues per shares were positive at respectively 4.4% and 18.4%.