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Morocco Projects Industrial Exports Worth $36 Bln in 2022

The flags of Morocco flutter outside Ibn Batouta Stadium in Tangier which is hosting the FIFA Club World Cup (Reuters)
The flags of Morocco flutter outside Ibn Batouta Stadium in Tangier which is hosting the FIFA Club World Cup (Reuters)
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Morocco Projects Industrial Exports Worth $36 Bln in 2022

The flags of Morocco flutter outside Ibn Batouta Stadium in Tangier which is hosting the FIFA Club World Cup (Reuters)
The flags of Morocco flutter outside Ibn Batouta Stadium in Tangier which is hosting the FIFA Club World Cup (Reuters)

Morocco's Minister of Industry and Trade, Ryad Mezzour, said Tuesday that Morocco's industrial exports should reach 360 billion dirhams ($36 billion) in 2022.

During a session for the House of Councilors on "The outcome of the 2014-2020 Industrial Acceleration Plan", Mezzour recalled that the volume of industrial exports had not exceeded 160 billion dirhams in 2013 (before the Plan was launched).

He highlighted a progression of about 200 billion dirhams in nine years.

This Plan has achieved a "very positive" outcome by exceeding its goal of creating 500,000 jobs, said the Minister.

He added that the plan has also created integrated industrial ecosystems, supported competitiveness, strengthened the confidence of Moroccan and foreign investors in the Moroccan industry, and enhanced the Kingdom's attractiveness as a destination for industrial investment.

Mezzour said that the volume of trade with African states would reach more than 65 billion dirhams in 2022, noting that these exchanges have more than quadrupled during the period 2001-2021, from 10 billion dirhams to 46 billion dirhams in 2021.

“The ambitions are not yet achieved at this level,” he said.

Mezzour said that a set of projects still exist to consolidate trade and partnership with African countries, including the African Continental Free Trade Area, and the Dakhla Port.

After its completion in 2027, the Port is called to become a high-level gateway to Africa to improve access to African markets and accessibility of the African product to world markets, the Moroccan minister added.

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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.