In 2023, Attijariwafa Bank was the largest company and financial institution in Morocco based on market capitalization. Its outstanding shares had a market value of around 8.34 billion U.S. dollars. The following leading enterprises in Morocco were telecommunication companies and financial institutions. Maroc Telecom had a market capitalization of roughly 7.31 billion U.S. dollars, while the Banque Centrale Populaire was valued at 4.5 billion U.S. dollars.
Morocco’s titans of industry: Attijariwafa Bank and Maroc Telecom
Attijariwafa Bank was the largest company in Morocco in 2023. The financial institution showed a remarkable increase in net income from 2020 to 2022. Furthermore, Attijariwafa Bank had 3,614 bank branches in Morocco and numerous branches in several African regions. In its turn, Maroc Telecom was the second largest company and preeminent telecommunications firm in Morocco and holds most telecommunication towers in the nation. In 2021, the annual revenue of Maroc Telecom stood at 35.8 billion Moroccan dirhams (around 3.55 billion U.S. dollars). However, it represented a decrease from the previous year when the company recorded a peak revenue of 36.7 billion Moroccan dirhams (3.64 billion U.S. dollars).
Expanding the perspective to the African continent
Taking a step back to compare Africa’s leading companies of 2023, both Attijariwafa Bank and Maroc Telecom made it to the list, ranking 14th and 19th, respectively. In 2020, as a result of the coronavirus (COVID-19) pandemic, large companies in Africa primarily sought financial solutions from commercial banks. According to a survey, 60 percent of the companies surveyed reported using commercial banks as their primary funding source.
