Net result of 29.4 MDH in 2021

For the 2021 financial year, the Moroccan Capital Market Authority (AMMC) achieved a net profit of 29.4 million dirhams (MDH). This is what emerges from the authority’s annual report.

This document, presented last Friday by the President of the AMMC, Nezha Hayat, to the Head of Government, Aziz Akhannouch, also reports an operating profit of 41.5 million dirhams for the same year.

During the same year, operating income increased by 22% to nearly 170 million dirhams, against 139 million dirhams a year earlier, said the same source, noting that these products are made up of commissions and royalties collected by the Authority.

The main increase observed concerns the commission on net assets of UCITS (Undertakings for collective investment in transferable securities) which increased by 18% (+21 MDH). Commissions on financial transactions and the parafiscal tax have returned to their level before the health crisis and stand at 19 MDH against 12 MDH in 2020.

According to their breakdown, commissions on net UCITS assets constitute 83% of commissions compared to 86% in 2020. Commissions on financial transactions, the parafiscal tax and other operating income saw their share increase in 2021.

With regard to financial products, they fell by 20% to 3 MDH against 3.7 MDH in 2020, notes the same source, which explains this drop by the reduction in interest rates.

In addition, the AMMC’s operating expenses increased by 8% to nearly 128.5 million dirhams, compared to the 2020 financial year. Personnel expenses and external expenses represent nearly 83% of total expenses. operations, says the report.

As for equity capital and similar of the AMMC, they increased from 14.2 million dirhams to 251.6 million dirhams. This increase corresponds to the result for the 2021 financial year (29.4 MDH) minus the share of the net profit allocated to the State for the year 2021 (15.3 MDH).

And to note that the accounts of the AMMC are established according to the provisions of the General Code of Accounting Standardization (CGNC) following the normal model and are certified by independent external auditors as appointed by the Board of Directors.

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