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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text of the page image; read from the page image) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Afriquia Gaz

GAZ · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
Afriquia Gaz S.A.
Listing
GAZ on the Bourse de Casablanca, active · ISIN MA0000010951 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    MAD 8.99 billion

    8,989,425 MAD thousands · p39

    +2.5% vs 2024

  • Operating profit / (loss)

    MAD 1.17 billion

    1,166,687 MAD thousands · p39

    −2.3% vs 2024

  • Profit / (loss) for the year

    MAD 751 million

    750,500 MAD thousands · p39

    +0.4% vs 2024

  • Total assets

    MAD 9.26 billion

    9,256,362 MAD thousands · p37

    −2.7% vs 2024

  • Total equity

    MAD 3.39 billion

    3,387,010 MAD thousands · p38

    +4.6% vs 2024

  • Cash from operations

    MAD 805 million

    804,904 MAD thousands · p106

    −32.1% vs 2024

Large amounts are rounded for reading (MAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Produits des activités ordinaires 8,989,425 8,773,051
Autres produits 32,244 25,899
Coût des biens et services vendus (6,787,051) (6,502,333)
Charges de personnel (217,212) (218,472)
Autres Charges et produits d'exploitation1 (440,685) (484,408)
Résultat opérationnel avant dotations aux amortissements2 1,576,721 1,593,737
Dotations aux amortissements3 (410,034) (399,121)
Résultat opérationnel 1,166,687 1,194,616
Produits de trésorerie et équivalents de trésorerie 27,650 17,035
Coût de l'endettement financier brut (118,804) (136,425)
Coût de l'endettement financier net4 (91,154) (119,390)
Autres charges et produits financiers5 (8,525) 15,616
Résultat avant impôt des sociétés intégrées6 1,067,008 1,090,842
Quote part dans le resultat net des societes mises en equivalence 77,895 71,681
Impôts sur les résultats (394,403) (415,131)
Résultat net condolidé 750,500 747,392
Autres charges et produits7 –8 –8
Résultat global de la période 750,500 747,392
Intérêts minoritaires9 –10 –10
  1. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
  2. Printed “-”; reading unresolved, so no amount is shown. Both cells print a dash (page image p105, render p39); no printed subtotal adds this line (the group share equals the total).
Notes and alternative reported figures (8)
  1. “Autres Charges et produits d'exploitation” is an issuer-specific line, not mapped to a shared definition: Other operating charges net of other operating income (note 22).
  2. “Résultat opérationnel avant dotations aux amortissements” is an issuer-specific line, not mapped to a shared definition: Operating result before depreciation and amortisation, as printed.
  3. “Dotations aux amortissements”: mapping to a shared definition is uncertain. Second printing of the phrase (the first ends the label 'Résultat opérationnel avant dotations aux amortissements'). Depreciation and amortisation in one line (tangible, intangible and right-of-use assets).
  4. “Coût de l'endettement financier net” is an issuer-specific line, not mapped to a shared definition: Income from cash less gross cost of financial debt (note 24).
  5. “Autres charges et produits financiers” is an issuer-specific line, not mapped to a shared definition: Other financial charges and income (note 24).
  6. “Résultat avant impôt des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Result before tax of fully consolidated companies, before the share of equity-accounted companies.
  7. “Autres charges et produits” is an issuer-specific line, not mapped to a shared definition: Other items of comprehensive income; both years print a dash.
  8. “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Share of the result attributable to minority interests; both years print a dash.

Balance sheet

Balance sheet, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Ecart d'acquisition1 625,289 625,289
Immobilisations incorporelles 1,300 1,325
Immobilisations corporelles 3,362,934 3,337,196
Droit d'utilisation de l'actif 890,718 807,959
Immobilisations financières2 42,748 50,283
Titres mis en equivalence 422,546 396,650
Autres Immobilisations financières3 837 837
Actif immobilisé4 5,346,372 5,219,539
Autres actifs non courants5 178,850 197,681
Impôts différés actif 230,749 234,371
Total des autres actifs non courants6 409,599 432,052
Total Actif non courant 5,755,971 5,651,591
Stocks 890,607 773,156
Clients7 699,636 677,293
Actif d'impôt exigible 3,989 3,927
Autres créances et comptes de régularisation8 867,118 1,100,868
Actifs d'exploitation9 2,461,350 2,555,244
Trésorerie Actif 1,039,041 1,309,278
Total des actifs courants 3,500,391 3,864,522
Total Actif 9,256,362 9,516,113
Capital 343,750 343,750
Prime d'emission 842,674 842,674
Réserves consolidées10 1,450,083 1,304,254
Résultat consolidé11 750,500 747,392
Total Capitaux propres part du groupe 3,387,007 3,238,070
Intérêts minoritaires 3 3
Total Capitaux propres 3,387,010 3,238,073
Dettes de financement à plus d'un an12 1,061,912 1,050,097
Autres passifs non courants13 687,847 688,898
Impôts différés - Passif 19,156 18,217
Total des passifs non courants 1,768,915 1,757,212
Fournisseurs et comptes rattachés14 3,287,459 3,631,374
Dettes de financement à moins d'un an15 132,631 122,303
Passif d'impôt exigible 8,537 71,890
Autres dettes et comptes de régularisation16 353,799 342,864
Dettes d'exploitation17 3,782,426 4,168,431
Trésorerie et équivalents 318,011 352,397
Total des passifs courants 4,100,437 4,520,828
Total Passif 9,256,362 9,516,113
Notes and alternative reported figures (17)
  1. “Ecart d'acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill (note 3).
  2. “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets (note 5), printed apart from equity-accounted shares and other financial fixed assets.
  3. “Autres Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Other financial fixed assets (note 5).
  4. “Actif immobilisé” is an issuer-specific line, not mapped to a shared definition: Subtotal of goodwill, intangible, tangible, right-of-use and financial fixed assets and equity-accounted shares.
  5. “Autres actifs non courants” is an issuer-specific line, not mapped to a shared definition: Other non-current assets (note 7).
  6. “Total des autres actifs non courants” is an issuer-specific line, not mapped to a shared definition: Other non-current assets plus deferred tax assets.
  7. “Clients” is an issuer-specific line, not mapped to a shared definition: Trade receivables (note 10).
  8. “Autres créances et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other receivables and accruals (note 12).
  9. “Actifs d'exploitation” is an issuer-specific line, not mapped to a shared definition: Subtotal of inventories, trade receivables, current tax asset and other receivables.
  10. “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves, group share.
  11. “Résultat consolidé” is an issuer-specific line, not mapped to a shared definition: The year's consolidated result within equity, group share.
  12. “Dettes de financement à plus d'un an”: mapping to a shared definition is uncertain. Financing debt due after one year (note 14); whether IFRS 16 lease liabilities are included is not shown on the face of the balance sheet.
  13. “Autres passifs non courants” is an issuer-specific line, not mapped to a shared definition: Other non-current liabilities (note 15).
  14. “Fournisseurs et comptes rattachés”: mapping to a shared definition is uncertain. Suppliers and related accounts; other payables and accruals are printed on a separate line.
  15. “Dettes de financement à moins d'un an”: mapping to a shared definition is uncertain. Financing debt due within one year (note 14); lease liabilities not shown separately.
  16. “Autres dettes et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other payables and accruals (note 17).
  17. “Dettes d'exploitation” is an issuer-specific line, not mapped to a shared definition: Subtotal of trade payables, current financing debt, current tax liability and other payables.

Cash flow

Cash flow, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Résultat net consolidé1 750,500 747,392
- Dotations aux amortissements2 410,034 399,121
- Charges/Produits sans effets de trésorerie3 13,460 45,123
- Produits dont dettes de consignation4 (40,869) (43,757)
- Plus value sur cession d'immobilisations5 –6 –6
Résultats des sociétés mises en équivalence nets des7 (25,895) (8,681)
Marge brute d'autofinancement8 1,107,230 1,139,198
Variations des actifs et passifs d'exploitation9 (302,326) 45,529
Flux liés à l'activité 804,904 1,184,727
Acquisition de titres non consolidés10 –11 (375)
Cessions de sociétés non consolidées12 –11 –11
Acquisition de titres consolidés net de la trésorerie acquise13 –11 –11
Cessions d'immobilisations corporelles –11 –11
Investissements en immobilisations corporelles (519,924) (534,459)
Investissements en immobilisations incorporelles –11 –11
Variation de périmètre14 –11 –11
Autres15 (176) 798
Flux liés aux investissements (520,100) (534,036)
Aux actionnaires d'Afriquia Gaz (601,563) (481,250)
Souscription d'emprunts 757,080 268,063
Remboursement d'emprunts (734,936) (119,840)
Variations des autres actifs et passifs financiers16 58,763 (20,785)
Autres17 –18 –18
Flux des opérations financières (520,656) (353,812)
Mouvements de conversion –19 –19
Augmentation (diminution) de la trésorerie (235,852) 296,879
Trésorerie au début de l'exercice 956,881 660,002
Trésorerie à la fin de l'exercice 721,029 956,881
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_a7vn0zmwcsqg.cf_self_financing_margin.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  4. Printed “-”, read as nil: subtotal_arithmetic: cf.net_change_in_cash.
Notes and alternative reported figures (15)
  1. “Résultat net consolidé” is an issuer-specific line, not mapped to a shared definition: Starting line of the cash-flow statement.
  2. “- Dotations aux amortissements” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  3. “- Charges/Produits sans effets de trésorerie” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  4. “- Produits dont dettes de consignation” is an issuer-specific line, not mapped to a shared definition: Income relating to consignment debts (bottle deposits), eliminated as non-cash.
  5. “- Plus value sur cession d'immobilisations” is an issuer-specific line, not mapped to a shared definition: Non-cash item; both years print a dash.
  6. “Résultats des sociétés mises en équivalence nets des” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  7. “Marge brute d'autofinancement” is an issuer-specific line, not mapped to a shared definition: Cash earnings before changes in operating assets and liabilities.
  8. “Variations des actifs et passifs d'exploitation” is an issuer-specific line, not mapped to a shared definition: Change in operating assets and liabilities.
  9. “Acquisition de titres non consolidés” is an issuer-specific line, not mapped to a shared definition: Investing.
  10. “Cessions de sociétés non consolidées” is an issuer-specific line, not mapped to a shared definition: Investing; both years print a dash.
  11. “Acquisition de titres consolidés net de la trésorerie acquise” is an issuer-specific line, not mapped to a shared definition: Investing; both years print a dash.
  12. “Variation de périmètre” is an issuer-specific line, not mapped to a shared definition: Investing; both years print a dash.
  13. “Autres” is an issuer-specific line, not mapped to a shared definition: Investing, other.
  14. “Variations des autres actifs et passifs financiers” is an issuer-specific line, not mapped to a shared definition: Financing.
  15. “Autres” is an issuer-specific line, not mapped to a shared definition: Financing, other; both years print a dash.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)1 218 217
Profit / (loss) attributable to shareholders (MAD thousands)2 750,500 747,392
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Résultat net par action en DH”.
  2. Profit / (loss) attributable to shareholders: printed as “Part du groupe”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Aux actionnaires d'Afriquia Gaz (601,563) MAD thousands Annual report, p106
31 Dec 2024 Dividends paid (cash flow statement) Aux actionnaires d'Afriquia Gaz (481,250) MAD thousands Annual report, p106

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • AFRIQUIA GAZ — Rapport financier annuel, exercice clos le 31 décembre 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: BDO S.A. (Mostafa Fraiha) and Elyx Consulting (Tarik Rouissam), commissaires aux comptes, unmodified opinion · signed

    Auditor's sign-off: BDO S.A., Mostafa Fraiha (associé); Elyx Consulting, Tarik Rouissam (associé)

    Final status: The commissaires aux comptes' report on the consolidated financial statements (PDF pp98-102) certifies them 'réguliers et sincères' under IFRS (unmodified opinion, p99) and closes 'Casablanca, le 02 février 2026' with handwritten signatures and stamps for BDO S.A. (Mostafa Fraiha, associé) and Elyx Consulting (Tarik Rouissam, associé) (p102, page image). The audited statement pages (pp104-106) carry both auditors' 'for identification purposes only' stamps. Board: the results communiqué states the Conseil d'Administration met on 29 January 2026 and 'a arrêté les comptes sociaux et consolidés' (p173, text).

    Document date
    2 Feb 2026
    Auditor's report
    2 Feb 2026
    Board approval
    29 Jan 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · MAD thousands (printed “En Milliers de Dhs / en milliers de dirhams”)
    • Closing net treasury in the cash-flow statement is 721 029 for 2025, while treasury assets less treasury liabilities on the balance sheet give 721 030 (1 039 041 - 318 011); a rounding difference of 1, kept as printed (page images p104, p106).
    • No total-liabilities line is printed: equity, non-current liabilities and current liabilities add to 'Total Passif'. Treasury liabilities ('Trésorerie et équivalents', 318 011; 2024: 352 397) are printed in current liabilities, and the cash-flow statement's treasury is net of them.
    • The cash-flow statement starts from consolidated net profit (recorded as an issuer concept) and prints no separate income tax or interest paid lines; dividends paid are in financing.
    • The income statement has no single profit-before-tax line: 'Résultat avant impôt des sociétés intégrées' excludes the share of equity-accounted companies, which is printed after it, before income tax (issuer concept). 'Résultat net condolidé' is printed with a typo.
    Technical details
    File
    174 pages, with a text layer
    SHA-256
    b0e3de08e71a00a055441efbc7720887e0324988581b2994c7149e88f043ab02
    Entity as printed
    Groupe Afriquia Gaz (Afriquia Gaz S.A. et ses filiales)
    Exchange copy
    retrieved 2026-10-08T18:12:42Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text of the page image; read from the page image) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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