The Moroccan Economy in Brief: Saturday, February 20, 2021
CFG Bank confirms its rise, the 2020 figures:
CFG Bank's consolidated net banking income (NBI) stood at MAD 285 million at the end of December 2020, up 26% compared to the previous year. This increase is mainly driven by the rise in loans and the good performance of the investment bank and trading room activities, despite the decline in stock market prices linked to the health crisis, the bank said in a press release on its financial results.
Attijariwafa Bank and AMCI join forces to promote African excellence:
The Attijariwafa bank group (AWB) and the Moroccan Agency for International Cooperation (AMCI) signed, on Thursday, a partnership agreement dedicated to African talents and the promotion of excellence throughout the Continent. "This rapprochement between the two institutions reflects their willingness to contribute actively to the development of the continent, through structuring actions oriented towards the development of skills of young people, their education and their professional integration," AWB said in a statement.
Commercial traffic exploded in the ports of Safi last January (+132%):
The commercial traffic in the ports of Safi last January reached a volume of 905,864 tons, an increase of 132% compared to January last year. This increase is attributable in particular to the strong rebound in coal imports with a volume of 384,361 tons, against 31,500 tons in January 2020, according to a summary note from the National Ports Agency (ANP).
Maroc Telecom: 73 million customers in 2020:
The customer base of Maroc Telecom group grew by 8.1% in 2020, reaching nearly 73 million customers, the Group said Friday. This increase is mainly due to the growth of the customer base of the subsidiaries Moov Africa and Fixed-line in Morocco, said Maroc Telecom in its consolidated results for 2020. In detail, the Mobile customer base in Morocco had 19.5 million customers at the end of 2020, down 2.8% year-on-year, said the same source, noting that Mobile revenues declined by 6.5% compared to the same period in 2019, to MAD 13.351 billion, impacted by the effects of the Covid-19 pandemic and the competitive environment. Regarding the 2020 mixed ARPU (revenues generated by incoming and outgoing calls and by data services net of promotions, excluding roaming and equipment sales, divided by the average customer base of the period), it declined by 6.9% over one year to MAD 54.3.
A net income (group share) of more than MAD 6 billion in 2020 for IAM:
Maroc Telecom Group generated net income (Group share) of more than MAD 6 billion in 2020, down slightly by 0.4% (on a comparable basis) compared to 2019, according to the Group's consolidated results published on Friday. The Group's adjusted earnings from operations before depreciation and amortization (EBITDA) reached MAD 19.1 billion at this date, up 0.9% (+0.5% on a comparable basis), the group said. The adjusted EBITDA margin rate was 51.9%, up 0.1 point (+0.7 point on a comparable basis), thanks to rigorous cost management, adds the same source. The Group's adjusted operating income (EBITA) amounted to nearly MAD 11.6 billion, up 0.8% (on a comparable basis), thanks to the increase in EBITDA, and the adjusted EBITA margin rate was 31.5%, up 0.5 point on a comparable basis.