May 2026
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Largest Public Companies in Morocco
Benchmark revenue and EBITDA valuation multiples for public comps like
Managem, Attijariwafa Bank, Maroc Telecom, SODEP Marsa Maroc and Banque Centrale Populaire.
 | Managem SA operates as an integrated mining group. The business operations include managing a portfolio of properties targeting precious metals such as gold and silver, and base metals which include copper, zinc, lead, cobalt and fluorite. | $1,524 | -- | $18B | $19B | 11.9x | 26.6x | ||
| Attijariwafa Bank SA is a Morrocan based financial and banking group. It is engaged in the provision of banking and insurance products and services. The company's banking activities include personal and professional banking, corporate banking, investment banking and international banking. | $77 | +8% | $15B | $19B | 4.9x | — | ||
| Maroc Telecom SA telecommunications operator in the Kingdom of Morocco. The company provides a wide range of services covering Fixed-Line and Mobile communications, data transfer, and other value-added services. It operates in the Fixed-Line telephony, Mobile telephony and Internet segments. The Fixed-Line and Mobile operating segments are combined within the Services Division (DGS) and the Networks and Systems Division. The company derives majority revenues from Morocco. | $10 | -10% | $9B | $11B | 2.7x | 4.9x | ||
| SODEP -Marsa Maroc SA is engaged in the management of port terminals. The company offers its customers, importers and exporters, ship owners and shipping agents, freight forwarders, and logistics companies, a wide range of port logistics services. The services offered fall into two categories: services to ships such as piloting, towing, mooring and refueling; and services to goods which includes basic services like handling on board ships and on the dockside, storing, pointing, weighing, stuffing and unstuffing of containers and other related services. The company's segment consists of container, solid bulk, conventional, liquid bulk, Ro-Ro, passengers. | $97 | -- | $7B | $7B | 11.0x | 20.6x | ||
| Banque Centrale Populaire SA is a Malaysia-based company. The company is a credit establishment. It carries all banking transaction and is also a central banking body for Banques Populaires Regionales. The bank services include private banking, transaction banking, business banking, asset management, and others. The bank receives maximum revenue in the form of interest income. Geographically, the company offers its services to Morocco, Africa, Europe, and Other regions. | $27 | -5% | $6B | $8B | 2.5x | — | ||
| Societe Generale Des Travaux Du Maroc is a Moroccan construction and civil engineering firm. The company focuses on infrastructure projects like roads, dams, and urban developments. The company is also engaged in manufacture and sale of construction equipment and materials. | $86 | -- | $5B | $5B | 4.3x | 28.3x | ||
| Bank of Africa is a commercial bank operating in Morocco and multiple African countries, with additional offices in Europe, China, and Canada. It provides financial services to individuals, businesses, and public institutions, including banking, insurance, asset management, leasing, and investment services. Its offerings include accounts, cards, loans, and savings products. The bank operates through a network of subsidiaries and focuses on expanding its services to small and medium-sized enterprises and developing digital banking channels across its markets. | $23 | -10% | $5B | $9B | 4.0x | — | ||
| LafargeHolcim Maroc SA is a Morocco-based company. It is engaged in the manufacturing and sale of cement and hydraulic binders to the construction industry. Its product portfolio consists of cement, concretes, aggregates, plasters, and lime. | $203 | -5% | $5B | $5B | 5.2x | 10.7x | ||
| Taqa Morocco SA is a producer of electricity in Morocco. The company provides associated activities in the oil and gas sectors, the storage of the oil and gas products, electricity and water as well as transport infrastructure across Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States. | $197 | -40% | $5B | $5B | 4.6x | 14.9x | ||
| Travaux Generaux De Construction De Casablanca SA specializes in industrial, public and building works. It serves hotel, commercial, industrial, administrative or residential sectors. | $91 | -- | $3B | $3B | 3.7x | 28.3x | ||
| Ciments du Maroc SA is a cement producer in Morocco and acts as an operator in ready-mixed concrete and aggregates. The product line of the company includes cement, concrete ready-to-use, aggregates, and others. It also offers its customers a Technical Assistance service including maturometry, MBE (Equivalent Concrete Mortar) tests, cement slurry tests or quick identification of cement. The company operates MyCimar portal which allows customers to consult the movements of their activity with the company. | $187 | -- | $3B | $3B | 4.5x | 10.7x | ||
| COSUMAR SA is a Moroccan company specializing in sugar extraction, refining, and sugar packaging. The company's product portfolio includes sugar loaves, the lump, granulated sugar, ingots, pellets, bagasse, and molasses. | $21 | -- | $2B | $2B | 1.3x | 10.8x | ||
| Akdital operates private healthcare clinics. The company offers healthcare services such as cardiac surgery, oncology, radiotherapy, intensive care, and neonatal care, providing patients with comprehensive care according to international standards. | $137 | -12% | $2B | $2B | 4.6x | 15.5x | ||
| Wafa Assurance SA is a Morocco-based company engaged in the provision of the insurance services. The company offers fire and explosion insurance, theft, and sabotage insurance, water damage insurance, machine breakage insurance, and information and electronic equipment insurance. In addition, it also provides insurance to multiple risks, health, professionals, general accidents, property damage and many more. | -- | -- | $2B | $2B | 1.9x | — | ||
| SMI - Ste Metallurgique d'Imiter is a Morocco-based company engaged in the mining industry. The company's product portfolio consists of precious metals such as Silver and Gold, Copper, Zinc, Cobalt cathode, Arsenic, Nickel and many more. Its Morocco project consists of Bouskour and Tizert. The Bouskour project is located approximately 80 kilometers southeast of the city of Ouarzazate. Its Tizert project is situated approximately 80 kilometers east of the city of Agadir in the province of Taroudant. The company's Africa project comprises of Gold projects, Tri-K projects, Pumpi project, and Assosa and Budur projects. | $1,119 | -- | $2B | $2B | 16.0x | 62.6x | ||
| Douja Promotion Groupe Addoha SA operates in the real estate sector. Its activities include the construction, development, and marketing of real estate properties. It holds an interest in a project such as Casablanca and regions, Rabat and regions, Tangier, Meknes, Oujda and many others. In addition, the group is also involved in providing financing and legal advisory services. Geographically, activities are carried out through the region of Morocco. | $4 | -- | $2B | $2B | 4.6x | 21.5x | ||
| SOTHEMA engages in representation, purchase and sale of pharmaceutical, chemical, health-related, biological, veterinary, plant-based, cosmetic and scented products. The company sells its products in Morocco and overseas. | $42 | -- | $1B | $2B | 5.0x | 23.3x | ||
| Credit Immobilier et Hotelier SA provides various banking products and services. It accepts checking, currency, and current accounts; and offers funding solutions. The company also provides bank cards; saving and investment products; and bancassurance, payment, transfer, international operation, and specialized services. | $40 | -- | $1B | $5B | 7.6x | — | ||
| Afriquia Gaz is a Morocco-based company engaged in the business of distributing liquefied petroleum gas (LPG) such as butane, propane and its by-products. The company is also involved in the import, export, trade, refining, storage, stocking, transportation, deposit and administration of LPG. It markets its products under five brands namely Afriquia Gaz, Tissir Gaz, Campingaz, Ultragaz and National Gaz. | $411 | -8% | $1B | $1B | 1.5x | 8.2x | ||
| Total Energies Marketing Maroc is an international oil and gas company. It is engaged in trade of oil, shale and their derivatives, greasy substances, simple or compound of mineral or organic origin, essential oils and all by-products of the materials. It engages in research, exploitation of oil fields, the acquisition of interests in existing companies, the purchase and sale of crude oil and finished products, and all industrial, mining, commercial, financial, and Real estate development. | -- | -- | $1B | $1B | 0.6x | 26.2x | ||
| Label Vie SA is engaged in the operations of chain stores. It develops supermarkets and hypermarkets under the Label'Vie brand. It carries its operations in Morocco. The company operates in different segments namely Supermarkets, Hypermarkets, Hypercash, and other segment. | $439 | -9% | $1B | $2B | 0.8x | 9.1x | ||
| Credit du Maroc SA provides banking services. The company provides commercial banking activities and financial. commercial. property-related activities for its customers in Morocco or overseas. | $111 | -- | $1B | $1B | 3.5x | — | ||
| Alliances Developpement Immobilier SA provides real estate services. Its business activities include development, building, marketing and managing of commercial and residential assets as well as tourist property. | $50 | -1% | $1B | $1B | 4.6x | 18.6x | ||
| Sonasid SA is the manufacturer of steel products based in Morocco. It offers various products and solutions tailored to the needs of the construction and industrial sectors, such as steel fibers, concrete round steel bars, billets, fil machines, etc. Geographically, the company generates the majority of its revenue from Morocco, and the rest from other markets. | $246 | -- | $961M | $911M | 1.5x | 22.4x | ||
| CFG Bank is a financial services company which has organized itself around of the four main business lines of investment banking: corporate finance, stock market, asset management on behalf of third parties, investment capital. | -- | -- | $945M | $2B | 13.6x | — | ||
| CMT - Compagnie Miniere de Touissit is engaged in the production of high-quality silver and lead concentrates. It also produces silver zinc concentrates. Established in Eastern Morocco and then in the Middle Atlas, it currently operates the Tighza Mine in Morocco. | $536 | -- | $902M | $917M | 12.1x | 17.7x | ||
| Banque Marocaine pour le Commerce et l'Industrie SA is a Morocco-based banking firm. The company provides retail and corporate banking services. It also provides investment, insurance, credit and other services. In addition, it offers remote banking, furniture and real estate leasing and asset management services. | $66 | -- | $878M | $1B | 3.0x | — | ||
| AtlantaSanad is engaged in provision of insurance services. It provides automotive insurance, dwelling insurance, health and provident insurance, among others. | -- | -- | $833M | $804M | 1.2x | — | ||
| Societe des Boissons du Maroc is a Morocco-based company engaged in the business of manufacturing wine, beer, soft drinks and mineral water. | $284 | -- | $804M | $771M | 2.3x | 10.9x | ||
| Jet Contractors SA is a general contractor. The company is engaged in general contracting, construction of complex architectural projects, wood and metallic structures, fiber-reinforced concrete architecture, and production of solar panels. The company handles feasibility studies, consulting, design, manufacturing, delivery, and installation of building projects. | $262 | -- | $793M | $2B | 496.7x | 3.5x | ||
| Cash Plus SA is a fintech company. The company provides payment-services company proviby offering online and offline money-transfer solutions, and allowing users to send and receive funds nationally and internationally through its mobile app. | $31 | -- | $762M | $686M | 3.5x | 11.4x | ||
| Delta Holding SA is a holding company. It provides services on domestic and regional level in the fields of infrastructure, metallurgy, para-chemistry, environment as well as in services and real estate. The company has developed diverse projects in many fields: road and motorways, production, transport, processing and drinking water distribution, industrial building construction, metal structure construction in its diverse forms and mostly in the solar energy sector, the road bitumen industry, ethanol, paints and coatings, industrial and medical gases, salt gem, aluminum frames and safety equipment. | -- | -- | $740M | $697M | 2.1x | 11.2x | ||
| CMGP Group is engaged in manufacturing and marketing of Agro-Equipments, Agri-Inputs, Infrastructure, and other International services. The company is engaged in distribution of irrigation, pumping, solar energy equipment, plant protection and nutrition products, seeds, crops protection products, plastic films, agriculture nets, production of PVC, PE Pipes for drinking and water supply, and many more activities. | $41 | -- | $698M | $669M | 2.6x | 16.7x | ||
| Aradei Capital operates in the real estate industry. The company acquires and develops real estate properties for rental income. | $50 | -- | $627M | $681M | 9.6x | 8.0x | ||
| Lesieur Cristal SA is engaged in packaging and marketing of various brands of oils, soaps and hygiene products. The company's product range includes table oils, olive oils, soaps, detergents, and other related products. | -- | -- | $594M | $568M | 1.0x | 17.2x | ||
| Risma SA is a tourist operator in Morocco. The company engages in acquisition. construction and running of hotels and tourist facilities in Morocco. | $38 | -- | $550M | $766M | 4.3x | 10.4x | ||
| Sanlam Maroc offers insurance services. | -- | -- | $533M | $501M | 0.6x | — | ||
| Hightech Payment Systems SA is the group that provides solutions and services involving electronic payment. The group offers are structured in the following business units - HPS Solutions, HPS Processing, HPS Services, Safety, and Other Products. HPS Solutions designs, develops, markets, installs, and supports a suite of multi-channel electronic payment solutions. PowerCARD software suite offers comprehensive, configurable and scalable solutions to meet the user needs. The company's software and services are sold covering many geographical areas such as Europe, Americas, Africa and the Middle East and Asia. The group's majority revenue is generated from the sale of HPS solutions. | $70 | +19% | $520M | $536M | 3.3x | 16.3x | ||
| Residences Dar Saada SA is a real estate company. The company engages in medium-sized and economic real estate projects that includes apartments, lands, villas, shops, and duplexes. | $20 | -- | $512M | $696M | 46.7x | (125.6x) | ||
| Auto Nejma is an automobile distributor in Morocco. The company imports and markets vehicles, spare parts, and car accessories. It represents the Mercedes-Benz private and commercial vehicle brands, SsangYong, and Mahindra in Morocco. | $473 | -- | $484M | $504M | 1.1x | 7.9x | ||
| Auto Hall SA is engaged in the distribution of light vehicles and agricultural equipment. Its brands include Ford, Nissan, Fuso, Opel, Mitsubishi, Ford Trucks, DFSK, and Others. | $8 | -- | $417M | $373M | 0.6x | 5.5x | ||
| SAMIR is a supplier of petroleum products. The company is engaged in trading and shipping, refining, storage and distribution of liquefied petroleum gases, fuels and fuels. It also exports its surplus production to international markets. | -- | -- | $347M | $3B | — | — | ||
| Les Eaux Minerales d'Oulmes SA is engaged in production and distribution of mineral water. Its products include natural mineral water under the brands Sidi Ali and Ain Atlas; natural sparkling mineral water under the brands Oulmes and Oulmes fruity bubbles; and table water under the brand Bahia. | -- | -- | $293M | $459M | 1.4x | 7.9x | ||
| Forafric Global PLC is engaged in production and sale of a variety of wheat flours, Semolina and Pasta and Couscous in Morocco and in more than 45 countries. The two main brands in Morocco are MAYMOUNA and TRIA. The company derives majority of its revenue from Soft wheat. | $10 | +31% | $273M | $442M | 1.6x | (156.7x) | ||
| Societe d'Equipements Domestiques et Menagers Credit EQDOM SA is engaged in financing and lending activities in Morocco. The company offers various unsecured and earmarked credit solutions such as vehicle loans, leisure loans, emergency loans, schooling loans, loans for special events, etc. Its clientele consists of civil servants, retirees from various pension funds, employees of contracted organizations, employees of non-contracted organizations, liberal professions, traders, craftsmen, and transport professionals, etc. EQDOM serves its clients through a network of branches spread across the country. | $147 | -- | $246M | $882M | 4.1x | — | ||
| Maghrebail SA specializes in movable and immovable property leasing, an activity dedicated to Professionals and Businesses. | $98 | -- | $135M | $1B | 3.1x | — | ||
| Maroc Leasing SA provides lease financing for real estate and furniture. It also helps in financing lease for movable and immovable property professional, commercial and industrial. | $40 | -- | $110M | $1B | 3.1x | — | ||
| Stokvis Nord Afrique SA is an importer and distributor of technical equipment for public works, mines and quarries, agricultural materials, automobiles, handling, and energy. | $10 | +48% | $88M | $93M | 3.9x | 26.1x | ||
| Median | $77 | -5% | $953M | $1B | 3.5x | 13.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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