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November 2026
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. | $147 | +124% | $17B | $19B | 12.3x | 28.0x | ||
| 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. | $71 | -10% | $14B | $14B | 4.0x | - | ||
| 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. | $9 | -27% | $8B | $10B | 2.6x | 4.8x | ||
| 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. | $80 | -24% | $5.9B | $5.8B | 9.8x | 18.7x | ||
| 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. | $26 | -15% | $5.2B | $5.2B | 1.9x | - | ||
| 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. | $20 | -18% | $4.5B | $4.5B | 2.1x | - | ||
| 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. | $172 | -30% | $4.1B | $4.7B | 4.3x | 14.8x | ||
| 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. | $169 | -15% | $3.9B | $4.5B | 4.9x | 10.3x | ||
| 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. | $56 | -- | $3.4B | $3.2B | 2.1x | 12.6x | ||
| Travaux Generaux De Construction De Casablanca SA specializes in industrial, public and building works. It serves hotel, commercial, industrial, administrative or residential sectors. | $62 | -38% | $2.1B | $2.1B | 1.7x | 7.8x | ||
| 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. | $148 | -28% | $2.1B | $2.3B | 4.1x | 10.0x | ||
| 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. | $552 | -- | $1.9B | $1.9B | 2.1x | 12.5x | ||
| 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. | $18 | -16% | $1.7B | $1.8B | 1.3x | 11.8x | ||
| 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 | -2% | $1.6B | $2.2B | 5.4x | 24.5x | ||
| 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. | $107 | -26% | $1.5B | $1.9B | 4.2x | 14.0x | ||
| 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. | -- | -- | $1.3B | $1.2B | ||||
| 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. | $368 | -15% | $1.3B | $1.3B | ||||
| Sothema is a Moroccan pharmaceutical manufacturer that develops, produces and distributes medicines and healthcare products. It supplies hospitals, pharmacies and other healthcare channels in Morocco and export markets, using licensed production relationships as well as its own portfolio. Revenue comes from pharmaceutical manufacturing, commercialization and contract production. The company is listed on the Casablanca Stock Exchange and operates industrial capacity in Bouskoura. In December 2025 Sothema acquired 99.99 percent of Soludia Maghreb’s share capital and voting rights. The purchase added locally manufactured hemodialysis concentrates and distributed medical products to Sothema’s platform and provided a full exit for CDG Invest Growth’s Capmezzanine III fund. Sothema serves B2B, B2C and B2G customers through activities spanning Biopharmaceuticals and Contract Research & Manufacturing. | $33 | -15% | $1.3B | $1.3B | ||||
| 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. | $398 | -18% | $1.2B | $1.3B | ||||
| 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. | $32 | -27% | $1.1B | $1.1B | ||||
| 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. | $97 | -7% | $1.1B | $1.1B | ||||
| 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. | -- | -- | $959M | $959M | ||||
| 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. | $522 | +77% | $860M | $858M | ||||
| AtlantaSanad is engaged in provision of insurance services. It provides automotive insurance, dwelling insurance, health and provident insurance, among others. | -- | -- | $846M | $846M | ||||
| 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. | $38 | -40% | $838M | $973M | ||||
| 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. | -- | -- | $751M | $663M | ||||
| 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. | $56 | +0% | $748M | $748M | ||||
| 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. | $399 | +129% | $670M | $637M | ||||
| 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. | $169 | -32% | $658M | $596M | ||||
| 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. | -- | -- | $603M | $530M | ||||
| 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. | $575 | +21% | $588M | $631M | ||||
| Societe des Boissons du Maroc is a Morocco-based company engaged in the business of manufacturing wine, beer, soft drinks and mineral water. | $201 | -- | $569M | $560M | ||||
| Sanlam Maroc offers insurance services. | -- | -- | $541M | $541M | ||||
| Aradei Capital operates in the real estate industry. The company acquires and develops real estate properties for rental income. | $43 | -8% | $540M | $870M | ||||
| Cash Plus is a Moroccan licensed payment institution, authorised by Bank Al-Maghrib in 2019, that provides payments, money transfer and related financial services to individuals and businesses. It operates a network of more than 3,000 agencies across Morocco and reported consolidated net banking income of MAD 863 million for 2025, up 14 per cent year on year, with total transaction volumes above MAD 130 billion. The company is listed on the Casablanca Stock Exchange, where its initial public offering was more than 65 times oversubscribed. It earns revenue mainly from commissions and fees on payment and transfer transactions. Through its wholly owned vehicle Cash Plus VC Fund I SARLAU it takes stakes in high-growth startups, including the Moroccan B2B marketplace Sle3ti and the retail technology startup z.systems, and in 2026 it agreed to take joint control of the airport transfer startup Tripass. | $21 | -- | $525M | $440M | ||||
| Résidences Dar Saada is a Moroccan residential property developer operating under the Espaces Saada brand. It develops apartment and housing projects aimed principally at affordable and middle-income buyers in Casablanca, Marrakech and other Moroccan cities. Revenue is generated by selling completed residential units and associated commercial space. The company emerged from the Palmeraie development group and brought in institutional investors, including Aabar, to fund its expansion. It completed an initial public offering on the Casablanca Stock Exchange in 2014. Aabar retained a minority holding after the listing and sold its remaining shares through a block-market transaction in November 2020. | $18 | -5% | $474M | $665M | ||||
| T2S Group Holding is providing high-tech solutions in the medical sector. The group's specialties are Radiology, Oncology, Anesthesia & Intensive Care, Cardiology, Gynecology, Surgery, and Others. It offers solutions of Equipment / Accessories, Medical devices, Pharmaceutical products, IT solutions, and in vitro diagnostics. | $21 | -- | $457M | $460M | ||||
| Risma SA is a tourist operator in Morocco. The company engages in acquisition. construction and running of hotels and tourist facilities in Morocco. | $32 | -26% | $454M | $444M | ||||
| CMGP Group is a Moroccan agricultural-services and equipment group founded in 1995. It distributes and manufactures micro-irrigation systems, crop-protection products and fertilizers, and it executes water-infrastructure and solar-energy projects. The group serves farmers, agribusinesses and public or institutional customers through subsidiaries in Morocco and other African markets. Revenue comes from equipment and input sales together with engineering, installation and project services. Fipar-Holding acquired 229,643 existing shares in September 2022, equal to 14.8 percent of the company, from existing shareholders. The group later completed an initial public offering in 2024, but that listing and any ordinary market sell-down are outside this research scope. CMGP Group serves B2B and B2G customers through activities spanning Agriculture, Construction & Engineering and Renewable Energy. | $27 | -32% | $452M | $373M | ||||
| 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. | $148 | -46% | $449M | $513M | ||||
| 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. | $53 | -7% | $395M | $412M | ||||
| 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. | $12 | +20% | $331M | $492M | ||||
| 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. | $6 | -40% | $311M | $487M | ||||
| Vicenne distributes and installs technological medical equipment for hospitals and clinics in Morocco and Tunisia. The company’s business portfolio includes radiotherapy, medical imaging and cardio-vascular equipment. It includes also surgical and prescription devices. Its segments include Equipment, Consumables, Services, Waste Management, and International. | $29 | -48% | $301M | $277M | ||||
| 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. | -- | -- | $298M | $429M | ||||
| Eqdom is a Moroccan consumer-finance company that provides installment credit and personal financing to households. Its products historically included vehicle finance, equipment loans and general-purpose consumer credit distributed through branches and commercial partners. The company earns interest and fee income from originated receivables while managing underwriting, collections and funding risks. Eqdom has been listed on the Casablanca Stock Exchange and is controlled by Société Générale’s Moroccan banking interests. Fipar-Holding acquired a 9.11 percent financial minority position from CDG in 2004 as part of an internal portfolio transfer. The company serves individual consumers rather than acting as an investment fund, so it is classified as consumer finance despite its institutional shareholder base. | $139 | +4% | $233M | $233M | ||||
| Mutandis SCA is an industrial and commercial group specializing in consumer goods, pursuing its brand development in Morocco and Africa. Its product categories are AGRI-FOOD and Cleaning Products. The company's products include Seafood products, Fruit Juices, Food Bottles, and Detergents. Mutandis exports its products to more than 40 countries. | $23 | -17% | $213M | $319M | ||||
| Unimer SA is engaged in the manufacture and distribution of canned food. | $17 | +0% | $197M | $246M | ||||
| AGMA provides insurance and reinsurance broking services. The services provided by the company include automobile, housing and property insurance, assistance, and education annuity. | -- | -- | $150M | $150M | ||||
| DISWAY is an operator of wholesale distribution of computer and telecom equipment in Morocco. The company offers international brands from software publishers and manufacturers as well as a full products and accessories. Its products portfolio includes desktop PC, laptops, tablets and smartphones, impression, image and sound, software, servers, networks, accessories and peripherals, and solar. | $77 | -21% | $145M | $138M | ||||
| SALAFIN (Groupe BMCE) is a Morocco-based company. It is a finance company. It offers consumer credit services. The company operates through various business segments that are Personal Credit, which include personal loan, and mortgage credit; Auto Financing, which provides car loans; and Revolving Credit. | $43 | -36% | $134M | $134M | ||||
| AFMA SA provides insurance brokerage services in Morocco. It offers insurance products including Damage Insurance, Insurance Operating Losses, Civil Responsibilities, Car insurance, Transport Insurance, Construction-Related Insurance, Insurance of Persons and Credit insurance. It provides insurance services to both individuals and corporate clients. | $128 | -13% | $128M | $134M | ||||
| Maghrebail SA specializes in movable and immovable property leasing, an activity dedicated to Professionals and Businesses. | $89 | -10% | $123M | $123M | ||||
| Dari Couspate engages in production, purchase, sale, import, export, representation, distribution, conditioning of all food products and especially pasta. couscous and all products processed industrially from flour or durum wheat including biscuits, gingerbread, pancakes, Desserts. | $407 | -10% | $121M | $84M | ||||
| Compagnie de Transports au Maroc provides transportation services in Morocco. Its services include passenger transportation, express delivery, tourist transportation, among others. | $82 | -13% | $100M | $133M | ||||
| Microdata SA is an IT infrastructure company engaged in deploying and maintaining IT infrastructure in Morocco. The company's services include Datacenter to Software-Defined Datacenter, Virtualization, Application Modernization, Cloud Computing, and Security. | -- | -- | $97M | $101M | ||||
| 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. | $35 | -12% | $96M | $96M | ||||
| Colorado Peintures is engaged in the production of architectural paints, coatings as well as decorative paints. The company provides interior paints, exterior paints, automotive refinish, tinting machine, and industrial coatings. | -- | -- | $95M | $83M | ||||
| Promotion Pharmaceutique du Maghreb is engaged in production, marketing, import and export of pharmaceuticals, parapharmaceuticals, dermopharmaceuticals and cosmetics. | -- | -- | $95M | $87M | ||||
| Aluminium du Maroc is engaged in design and manufacture of aluminum alloy profiles for building and industry. The company's products portfolio includes sliders, doors, roofing, facades, pool barrier, strikes, bodyguards, shutters, and portals. | $192 | -1% | $90M | $86M | ||||
| Immorente Invest SA is an investment company whose purpose is to acquire or develop, directly or through subsidiaries or majority or minority interests, professional real estate assets intended for rental. The objective of the company is to offer its shareholders a recurring real estate yield from the rents received. | $9 | -8% | $84M | $92M | ||||
| Stokvis Nord Afrique SA is an importer and distributor of technical equipment for public works, mines and quarries, agricultural materials, automobiles, handling, and energy. | $8 | -36% | $70M | $62M | ||||
| Societe Nationale d'Electrolyse et de Petrochimie manufactures vinyl products (PVC and Compound PVC) and products resulting from electrolysis (Soda, Chlorine, Bleach) and Hydrochloric Acid. The company ioffers its products to BTP, Irrigation, Drinking water supply and sanitation, Detergency and domestic and industrial hygiene, Water treatment, and Food industry. | $26 | -52% | $63M | $89M | ||||
| Fenie Brossette is engaged in the import and distribution of equipment, quality products and services, adapted to public and private companies, involved in the field of building, public works, industry and transport. The company operates in Ivory Coast and Mauritania and distributes its products in many African countries through direct sales from Casablanca or Abidjan. | $33 | -- | $48M | $63M | ||||
| Societe Maghrebine de Monetique SA offers services covering all needs in the field of electronic banking. The company provides wide range of products and services to the requests of its customers, that includes electronic payment solutions, smart card applications, e-commerce solutions, TPE, outsourcing, personalization of means of payment. | $51 | -- | $41M | $16M | ||||
| Disty Technologies is a importer and distributor of computer equipment. | $37 | -5% | $37M | $39M | ||||
| Ste Immobiliere Balima is engaged in acquisition, sale, leasing, property management and trade in real estate property in urban areas as well as building construction. It has supported the development of the city and the sustainability of its architectural heritage. | $20 | -25% | $35M | $39M | ||||
| Maghreb Oxygene industrial gases, medical gases, and related services, the distribution of welding products and related techniques, and the distribution of medical equipment and consumables. It provides solutions, products, and services to its customers everywhere in Morocco. The company conditions and distributes medical gases such as medical oxygen, nitrous oxide, carbon dioxide, and synthetic air. | $39 | -6% | $32M | $36M | ||||
| M2M Group SA is a provider of processing solutions, securities management and secure electronic services. The company helps banks, governments, transport operators, universities and businesses to accelerate its digital transformation and offer its customers digital services that combine innovation, conviviality and trusted products. | $37 | -- | $24M | $29M | ||||
| SOCIETE CARTIER SAADA is engaged in food industry, producing canned fruit and vegetables. The company's product portfolio includes Green Olives, Candied Black Olives, Black Olives Greek Style, Purple Olives, Flavored Olives, Apricots, Capers, Peppers and Harissa, and Candied Lemons. | $2 | -46% | $11M | $15M | ||||
| Med Paper is a specialist paper manufacturer in Morocco. | -- | -- | $10M | $15M | ||||
| Afric Industries SA is engaged in the development, production, and marketing of abrasive products of all shapes and sizes. It is also engaged in the manufacturing and sale of tapes and adhesive and self-adhesive tapes; manufacturing, assembling, glazing, installation and marketing of all types of joinery and finished aluminum products and other materials; purchase, sale, import, export, manufacturing, processing, assembly, installation laying of all equipments, materials, tools, accessories, raw materials and spare parts. | $33 | -6% | $10M | $10M | ||||
| Median | $43 | -15% | $466M | $502M | 2.1x | 10.9x |
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