Marsa Morocco : financial achievements far exceeding expectations

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				Marsa Maroc : Des réalisations financières très supérieures aux attentes

For its first financial disclosure, post-IPO, the management of Marsa Morocco has shown to be particularly careful in its communication, despite a first half exceeded expectations.

The company puts forward the diversity of its product mix, the geographical coverage of the Kingdom and its african strategy, driven not only by the majority shareholder, the State.

Despite a first half in good shape, the management of Marsa Morocco did not want to venture to predict to an annual performance better than the business plan presented at the ipo last summer. Recall that for its first financial disclosure, post-IPO, Marsa Maroc has delivered to the investors a half-year sales up

23% to 1.22 billion dirhams compared to the first half of 2015, operating income up 52% to 430 million dirhams and a net consolidated profit of 286 million dirhams, an increase of 28%.

The business plan largely defeated

In the businessplan, the company believed that the activity would be down this year. The projected net income of 218 million dirhams. But the company beat forecasts on a single half. “In our sector, it is difficult to make forecasts in the short term. Experience has shown us that we get tired of doing it for nothing. On the other hand, in the medium term, we maintain estimates of the business plan. Because, at the horizon of 5 years, it is more simple to adhere to trends,” said Mohamed Abdeljalil in response to analysts who asked if the business plan is not too pessimistic. However it should be noted that Marsa Maroc is a part to achieve a good fiscal 2016. The figures from the national Agency of ports show that at the end of August, the port traffic increased 9.7 per cent, confirming the trend observed at the end of June 2016 ( 9.2 per cent). In Exchange, investors are less cautious than the management. The action earns almost 50% since its introduction last summer and the market seems to be betting on a good year in 2016.

A not to Africa

Marsa Maroc is part of the 4 companies shortlisted to equip a port project in Ghana. The company had responded to a public call for tenders a few months ago. “This market, estimated at 50 million euros, is for the time being our only concrete project in sub-saharan Africa,” said Mohamed Abdeljalil. Open the door to the rest of the continent is part of the commitment of the company during its IPO. The State wishing to make it a genuine actor in pan-african.

A. H.

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