2023-10-03 11:14:00
The net profit of the Maghreb leasing company “Maghrebail” stood at 62.7 million dirhams (MDH) in the first half of 2023, an increase of 10.7% compared to the same period a year earlier.
This result is consistent with the budgeted one, indicates a press release from Maghrebail, whose Board of Directors met on September 20 under the chairmanship of Azeddine Guessous, to finalize the accounts as of June 30, 2023.
As for the company’s net outstanding balance, it stood at 11.7 billion dirhams (billion dirhams) at the end of last June, up 6.15% compared to the same period a year earlier, reports the same source, specifying that this outstanding amount is divided into 60% equipment and 40% real estate.
And to add that Maghrebail maintains its position as a major player in the leasing sector in Morocco, with a market share of 23.64%. Regarding turnover, it stood at MAD 1.89 billion excluding taxes at the end of June 2023, an increase of 1.9% compared to the end of June 2022. Financial expenses mark an increase of 7.5% compared to the same period of the past year, due to the impact of successive increases in the Bank Al-Maghrib key rate. Net financial income showed growth of 1.4% to MAD 182 million. Furthermore, taking into account an exceptional net recovery in June 2022 of provisions on outstanding compromised debts for an amount of MAD 44 million, the net income in June 2023 fell by 28.2% year-on-year to stand at 165. 2 MDH.
General operating expenses remain at the same level at 44.9 MDH. Concerning net allocations to provisions for overdue debts, they stood at MAD 30.1 million at the end of last June, compared to MAD 16.2 million for the first six months of 2022.
Under these conditions, the coverage rate of overdue debts by provisions stood at 88.01% in H1-2023, compared to 88.93% in H1-2022.
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