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La structure de propriete des entreprises cotees hafid mohamed

In Morocco Casablanca Stock Exchange provides us with reliable data Both the websites of the Stock Exchange and the ?nancial regulator include raw data about shareholders of listed companies members of their board of directors and their pro ?ts Furthermore the listed companies of the Casablanca Stock Exchange represent the diversity of the sectors of the Moroccan economy These entities are also described in the press as the most dynamic and modern Moroccan companies It is thus important for us to analyze the data provided in order to study the place of the ?nancial sector as well as the relationship with the monarchy which is the main political actor in Morocco Our qualitative study shows that interviewees identi ?ed Banks and Institutional investors as central actors in Casablanca Stock Exchange Some executives describe Banks especially the ones owned by the royal holding as the most pro ?table listed companies Others state that institutional investors which are shareholders in many listed companies are key actors in the funding of businesses owned by the royal holding or by families close to the monarchy We assess these two aspects by analyzing the data gathered on the pro ?tability of listed companies as well as membership of their board of directors We collect the data on the net pro ?ts of listed companies and group them according to their sector Building on the median net pro ?ts we give a score to each sector The median net pro ?ts of Finance Dhs is the highest and is almost equal to the sum of the medians of the following sectors Energy Dhs and Construction Dhs Compared to other sectors IT and Industry have the lowest score respectively Dhs and Dhs This idea converges with the statement of a CEO of an industrial company who declares that it is ??irrational to invest in the industrial sector in Morocco while Real Estate provides higher pro ?ts with much less e ?ort ? When we rank listed companies according to their net pro ?ts we notice that among the ten ?rst pro ?table organizations ?ve are included in the ?nancial sector see table below Even if Maroc Telecom owned by the Emirati group Etisalat is the most pro ?table entity in Casablanca Stock Exchange it is the only one in the top ten among the eight IT companies while half of the ?nancial sector includes high pro ?table companies Maroc Telecom with billions Dirham of net pro ?t is followed by royal holding ? s bank Attijariwafa with billions Dhs Two among the construction companies as well as one state-owned bank BCP and Benjelloun ? s Family Bank BMCE have more than billion Dhs net pro ?t Wafa Assurance an insurance company which is part of the royal holding follows Ciments du Maroc which is owned by the German group HeidelbergCement Then comes BMCI a subsidiary of French group BNP Paribas The last entity Cosumar is the only Agrobusiness company in this top ten For the moment we