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ASN Africa Stock Guide - July 2019
- In this Africa Stock Guide document, we have 33 main stocks selected from the Casablanca Stock Exchange from our scope of 40 companies, 13 stocks selected from the Tunisia Stock Exchange and 16 stocks from of the BRVM Stock Exchange. - The total capitalization of those stocks is: EUR 61.1 bn.
ECYCL EURO-CYCLES S.A
BIAT BIAT
IAM ITISSALAT AL MAGHRIB STE SA
TJARI ATTIJARI BANK
ATL COMPAGNIE D'ASSURANCES ET DE REASSURANCE ATLANTA
ATW ATTIJARIWAFA BANK
NAKL ENNAKL AUTOMOBILES
CC CARTHAGE CEMENT
A110ZV TAQA MOROCCO
LBV HYPER S.A. (LABEL VIE)
SAH SAHAM ASSURANCE
LYD LYONNAISE DES EAUX DE CASABLANCA
GAZ AFRIQUIA GAZ
SFBT SOCIETE FRIGORIFIQUE ET BRASSERIE DE TUNIS
ATH AUTO HALL
OUL LES EAUX MINERALES D'OULMES S.A.
LES LESIEUR CRISTAL S.A.
DHO DELTA HOLDING S.A.
CMT COMPAGNIE MINIERE DE TOUSSIT S.A.
ADH DOUJA PROMOTION GROUPE ADDOHA
CMA LES CIMENTS DU MAROC
CDM CREDIT DU MAROC
ADI ALLIANCES DEVELOPPEMENT IMMOBILIER SA
TMA TOTAL MAROC SA
SOT SOTHEMA
MSA MARSA MAROC
DH DELICE HOLDING
LHM LAFARGEHOLCIM MAROC SA
- Meriem KADDOUR
Toward a record year
On 30/09/2017, sales went up by 12.4% to TND1.526bn. The local demand increased by 10.9% to TND1.345bn. The export sales jumped by 25.7% to TND180.21m vs. TND144.048m, yoy. Production increased by 12.5% compared to the same period a year earlier. The Committed Investments reached TND101.464m vs. an investment of TND75.813m by the end of September 2016. 38% of these investments were allocated to the steel activity following the acquisition of three new firms based in El Fahs (governorate of Zagho...
- Meriem KADDOUR
Setting a positive tone
On 30/06/2017, sales went up by 12.5% to TND1.001bn. The local demand increased by 9.7% to TND875.179m. The export sales jumped by 36.7% to TND126.238m vs.TND92.339m, yoy. Production increased by 12.6% compared to the same period a year earlier. The Committed Investments reached TND56.423m vs. an investment of TND48.780m by the end of June 2016. 53% of these investments were allocated to the Poultry activity to achieve the new food plant and the new breeding centres.
- Meriem KADDOUR
Robust results
On 31/03/2017, the revenues were up by 14.5% to TND471.231m. The local demand increased by 10.9% to TND411.990m. The export sales jumped by 47.9% to TND59.240m vs.TND40.046m, yoy. Production increased by 13.4% compared to the same period a year earlier. The Committed Investments reached TND19.978m vs. an investment of TND15.220m by the end of March 2016. 63% of these investments were allocated to the Poultry activity to achieve the new food plant and the new breeding centres. The debts witnessed...
- Meriem KADDOUR
A recovery above expectations
Q4 2016, a good tone for the local demand: During the last quarter of 2016, the sales grew by 8.5% to TND451.699m. The local demand increased by 10.65% to reach TND395.962m vs.TND357.850m a year earlier. However, the export sales went down by 4.59%, compared to the same period a year ago, to amount to TND55.737m. All the group’s activities witnessed an improvement of their sales expect for Poultry (-2%) and Property (-32%). 2016, a positive year for PGH: On 31/12/2016, the revenues were up by ...
- Meriem KADDOUR
The minutes of the Financial Communication
2016 estimations: By the end of this current year, the group’s management expects revenues to reach TND1.695bn, up by 5.8%, yoy and with a variance of +0.9% from the budget. The gross profit would amount to TND560m (+9.5%), with a gross margin of 33%. The EBITDA is expected to reach TND252m (+8.2%) with an EBITDA margin of 14.9%. By segment, the performances would be dominated by the group’s core business, followed by the food segment.
- Meriem KADDOUR
On the right track for recovery
On 30/09/2016, revenues were up by 7.42% to TND1.356bn. The local demand increased by 8.37% to TND1.212bn, however, the export sales recorded a near stagnation at TND144.048m vs. TND143.952m, yoy. Production increased by 7.31% compared to the same period a year earlier. The Committed Investments reached TND75.812m (a 24% decrease, yoy) vs. an investment of TND131.730m by the end of 2015. 69% of these investments were allocated to the Poultry activity to achieve the new food plant and the new br...
Slowly, but improving steadily…
On 30/06/2016, revenues were up by 3.02% to TND889.828m. The local demand increased by 3.91% to TND797.488m, however, export sales dropped by 4.11% to TND92.3396m vs. TND96.293m, yoy. Production increased by 2.89% compared to the same period a year earlier. By segment, the Real Estate activity recorded the most important increase (+28% thanks to the sale of real estate development projects), followed by packaging sales (+19% pulled up by the recovery of export sales: +61%).
Growth pulled up by local sales
On 31/03/2016, revenues were up by 5.31% to reach TND411.534m. The local demand increased by 6.63% to TND371.488m, however, export sales dropped to TND40.046m vs. TND42.412m, yoy. Production increased by 6.18% compared to the same period a year earlier. By segment, the Real Estate activity recorded the most important increase (+18% thanks to the sale of real estate development projects), followed by building and construction products sales (+11% pulled up by the sale of Ceramic tiles, especially...
A recovery beyond our expectations
PGH has finished the year with an increase of 5% of its top-line reaching TND1.679bn, yoy. The local demand went up by 5% to TND1.477bn vs. TND1.408bn a year ago. Export sales also increased by 4% to reach TND202.369M vs. TND194.927M by the end of 2014. Investments engaged reached TND131.730M during 2015. 73% of these investments were allocated to the poultry activity (TND23.205M to achieve the new food plant and the new breeding centers).
Q3 2015: Back to a sluggish pace
PGH released modest figures during Q3 2015. With only 2% of growth, revenues reached TND399.345M vs. TND393.172M, yoy. This quarter was land-marked by an export demand increase (+31%) but local sales was almost steady (-1%). By segment, Trading and Services sector posted the largest revenue increase (+36%). However, the wood sales showed the lowest drop (-13%) because of lower wood sales. On 30/09/2015, investment reached TND99.399M. The majority of the investment (76%) was oriented to the poult...
H1 2015, above our expectations
PGH's revenues recorded a 6% growth during H1 2015. Revenues reached TND863.765M vs. TND816.122M a year earlier. This increase can be explained by the rise of the local demand (8%) which up from TND710.2M to TND767.472M. Despite the growth recorded during Q2 2015, export sales dropped -9% by the end of H1 2015. This decrease is mainly due to the recession of the export business in the majority of the group’s segments.
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