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  • Former IMF Chief Strauss-Kahn Amasses Fortune Through Moroccan Consulting Firm
    26 February 2020, by Ginette

    After his legal troubles and his troubles in the business world, Dominique Strauss-Kahn had the time and opportunity to get back on his feet through his consulting firm, based in Morocco. With Parnasse International, the former IMF director has made a colossal fortune and does not envisage a return to politics.
    DSK’s activities at the head of Parnasse International since 2012 have earned him some 21 million euros in profits between 2013 and 2018. According to l’Obs, who received this (…)

  • Morocco’s Wine Industry Booms: Exports Hit 200 Million Dirhams Annually
    8 September 2019, by Bladi.net

    Morocco’s total average grape production is 357,000 tons per year and generates around 200 million dirhams, according to a detailed point by the Minister of Agriculture, Aziz Akhannouch.
    This annual revenue from the wine sector for exports is the result of the efforts of five regions of the Kingdom. These exploit a total area of 43,106 hectares and provide the main income for 5,000 rural families.
    According to vieeco.com, the production of the sector has exceeded the 400,000 ton mark to (…)

  • Morocco’s Auto Industry Boom: Chinese Investment Signals Growing Appeal
    5 October 2019, by Ginette

    The French automaker Peugeot, by setting up in Kenitra, seems to have influenced other companies in the sector, which, according to Jeune Afrique, believe that Morocco offers more opportunities in terms of liberal policy and political stability.
    According to the magazine, the massive investment of 350 million euros by the Chinese group Citic dicastal in a rim factory inaugurated at the end of June in Kenitra is a testament to the dynamism of the automotive industry in Morocco.
    This (…)

  • Marrakech Hosts Global Golf Tourism Summit, Aims to Boost Visitor Numbers
    20 October 2019, by Bladi.net

    Golf capital, the city of Marrakech intends to reap the benefits for the 2019 edition of the Golf travel market (IGTM) which it has been hosting since the beginning of this week. For four days that this meeting of golfers will last, the ochre city intends to play its part to attract even more tourists.
    Thanks to the 40,000 golf tourists positioned on this event and the more than 9.5 million euros in business it generates, the Golf Show, jointly organized by the ONMT, the FRMG and Reed (…)

  • Moroccan Food Giant Lesieur Cristal Thrives, Plans 83 Million Dirham Dividend Despite Pandemic
    19 August 2020, by Ginette

    The Lesieur Cristal company is at its best. It has not been affected by the economic crisis caused by Covid-19.
    The shareholders of this company will meet in an ordinary general meeting on September 17 in Casablanca, with the main resolution on the agenda being "to validate a dividend distribution of around 83 million dirhams, or 3 dirhams per share".
    Established in Morocco for several decades, the Lesieur Cristal company is an "operator in the agri-food and hygiene products sector (…)

  • Moroccan Phosphate Giant OCP Reports 380% Profit Surge to $1.7 Billion
    24 March 2022, by Armel

    At the end of 2021, the accounts of the OCP group generated a record profit of 16.3 billion dirhams (MMDH), compared to only 3.4 billion dirhams a year earlier.
    As for the turnover, the Moroccan phosphate giant announces an amount of 84.3 billion dirhams, up 50% compared to 2020.
    According to the group, the gross margin amounted to 55.2 billion dirhams while the margin rate stood at 66%.
    As for investments, expenditures reached 13.1 billion dirhams compared to 9.5 billion a year earlier.

  • Maroc Telecom Reports 1.3% Profit Growth, Driven by Mobile Data Expansion
    22 October 2019, by Ginette

    Maroc Telecom published, for the first nine months of 2019, an adjusted net result attributable to the Group of 4,647 million dirhams, up 1.3% on a comparable basis, and an EBITDA of 14.4 billion, up 4.9% on a comparable basis. The Moroccan operator explains that it has benefited from the continued efforts to optimize costs, for revenues of 27.3 billion dirhams, up 0.9% on a comparable basis, thanks to mobile data.
    This performance is mainly attributable to the improvement of activities (…)

  • Morocco’s Foreign Direct Investment Plunges 32% in First Nine Months of 2019
    5 November 2019, by Bladi.net

    While it was 19.62 billion dirhams last year, the flow of foreign direct investment (FDI) in Morocco reached nearly 13.35 billion dirhams (MMDH) by the end of September 2019, according to the Foreign Exchange Office, a decrease of 32%.
    To understand this downward result, we need to refer to a note from the Foreign Exchange Office on the indicators of foreign trade in September. It appears that this result is explained by the 19% drop in FDI revenue, combined with a 7.8% increase in (…)

  • Shell Subsidiary Vivo Energy Under Investigation by Moroccan Competition Council
    20 January 2020, by Sylvanus

    The company Vivo Energy Maroc, specialized in the marketing of Shell products, is the subject of an investigation. The Competition Council is behind this.
    Vivo Energy will submit observations to the Competition Council over the next two months, before a report is submitted to the council’s board of directors for review and decision-making, says Energyvoice. This Shell subsidiary in Morocco claims to have always carried out its activity in accordance with "the laws, rules and regulations (…)

  • Maroc Telecom Reports 3.1% EBITDA Growth in Q1, Pays 3.3 Billion Dirham Covid-19 Fund Penalty
    21 April 2020, by Ginette

    The Group’s EBITDA reached 4,794 million dirhams, up 3.1%, driven by the increase in revenue. The EBITDA margin rate remains at the high level of 51.5%. Adjusted net operating cash flow (CFFO) stands at 2,893 million dirhams, up 4.3% compared to the same period in 2019, due to the increase in EBITDA.
    Among the highlights of this quarter, "the financial penalty of 3.3 billion DH against the operator was provisioned in 2020 and paid in full this first quarter in favor of the Covid-19 Fund", (…)