The earnings capacity of the Casablanca coast is down slightly (-0.8%) to 28.6 billion dirhams (MMDH) at the end of 2022, according to BMCE Capital Global Research (BKGR).
“The overall net income group share (RNPG) fell by 0.8% to 28.6 billion dirhams. Restated for the ANRT penalty and the tax audit of IAM, the earning capacity would have appreciated by 9.8% to 31.7 billion dirhams”, indicated BKGR in its recent note “Earnings FY 2022”, noting that the overall mass of dividends is thus impacted and falls by 14.7% to 15.2 billion dirhams for companies that have communicated on their distribution for the 2022 financial year.
Indeed, the negative impact of exceptional items on IAM’s NIGS (penalty from the National Telecommunications Regulatory Agency (ANRT) and tax adjustment) and the decline in industry margins were not fully offset by the he favorable price effect observed by almost all industrial sectors as well as by the improvement in the cost of risk for banks, explains BKGR.
Excluding the impact of the ANRT fine of 2.45 billion dirhams and the tax audit of 618 million dirhams (MDH) suffered by IAM, the 2022 earning capacity would have increased by +9.8% to 31.7 billion dirhams in 2022.
By branch of activity, the rating highlights a positive contribution coming up to 44% from the performance of the Banks taking into account a well-oriented commercial activity and a continuation of the fall in the cost of risk, and 20% the improvement in the results of the mining companies following the combination of several favorable elements (price, exchange rate and perimeter effects).
Conversely, the negative contribution comes to the tune of 65% from IAM due to the negative impact of the ANRT penalty and the tax audit of 618 billion dirhams, and 18% from the slowdown in the “Building materials” sector » taking into account in particular an unfavorable volume effect.
And to specify that 46 companies, representing 66% of the total market capitalization, show in 2022 an increasing earnings capacity against 24 companies in decline.
In 2022, the overall revenues of listed companies recorded an appreciation of 13.9% in yoy to 285.4 billion dirhams against an appreciation of 19.4% compared to 2019, a normative year, driven mainly by a price effect strongly favorable to stocks. industrial.
Despite the sudden regulatory and tax constraints in 2022 by IAM and the sharp increase in inputs for other industrial companies, the REX manages to increase by 1.8% to 63.2 billion dirhams.