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Ciments du Maroc

CMA · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
Ciments du Maroc
Listing
CMA on the Bourse de Casablanca, active · ISIN MA0000010506 (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

Read with these figures

  • Auditor's emphasis of matter. Observation: 'Nous attirons votre attention sur le caractère provisoire des écarts d'acquisition comptabilisés dans les comptes du Groupe au titre des acquisitions de Asment de Témara S.A et Grabemaro S.A pour respectivement 1 843 429 KMAD et 15 583 KMAD.
Full wording and sources

  • Published summary of audited statements for 2022: final status not established

    Issuer publication filed on the Casablanca Stock Exchange (AGM notice signed 'Le Conseil d'administration', p1). It reprints, as an image, the commissaires aux comptes' report on the consolidated états de synthèse (bilan, CPC, TFT and ETIC) for 2022: unmodified opinion, 'Casablanca, le 20 avril 2023', handwritten signature over the Mazars Audit et Conseil stamp (Adnane Loukili, Associé) and the PwC Maroc stamp (Leila Sijelmassi, Associée) (PDF p5, page image). That report covers the complete consolidated statements including the ETIC, which this publication does not print; no report on the publication itself is printed.

    Source: Ciments du Maroc — Avis de réunion, Assemblée Générale Ordinaire Annuelle du 30 mai 2023; Comptes sociaux au 31 décembre 2022; Comptes consolidés au 31 décembre 2022 (dated 2023-04-20)

  • 2022, 2021: figures from a published summary

    These columns come from a summary of the audited statements, not the full audited financial statements. The summary does not state its source; it is headed 'COMPTES CONSOLIDÉS AU 31 DÉCEMBRE 2022' and refers readers to the 'rapport financier annuel' on the issuer's website (p4), with the commissaires aux comptes' report on the consolidated états de synthèse reprinted on p5. No auditor's report on the publication is printed. It reprints the 'RAPPORT DES COMMISSAIRES AUX COMPTES SUR LES ETATS DE SYNTHESE CONSOLIDES EXERCICE DU 1ER JANVIER AU 31 DÉCEMBRE 2022' (p5, image): 'Nous certifions que les états de synthèse consolidés cités au premier paragraphe ci-dessus sont réguliers et sincères et donnent, dans tous leurs aspects significatifs, une image fidèle du patrimoine et de la situation financière du groupe au 31 décembre 2022, ainsi que du résultat de l'ensemble consolidé pour l'exercice clos à cette date, conformément au référentiel comptable en vigueur au Maroc.' The report states consolidated equity of 3 360 240 KMAD including a consolidated net profit of 917 355 KMAD; Mazars Audit et Conseil and PwC Maroc, Casablanca, 20 avril 2023, signed (p5). Consolidated bilan actif and passif, compte de résultat, tableau des flux de trésorerie and tableau de variation des capitaux propres (part groupe), all 'En milliers de dirhams' (p4); no ETIC/notes. The publication also prints the company (social) bilan and CPC in dirhams (pp2-3, with the commissaires' general report on the company accounts as an image on p3) and the AGM notice with draft resolutions (p1).

    Source: Ciments du Maroc — Avis de réunion, Assemblée Générale Ordinaire Annuelle du 30 mai 2023; Comptes sociaux au 31 décembre 2022; Comptes consolidés au 31 décembre 2022 (dated 2023-04-20)

  • Auditor's emphasis of matter

    Observation: 'Nous attirons votre attention sur le caractère provisoire des écarts d'acquisition comptabilisés dans les comptes du Groupe au titre des acquisitions de Asment de Témara S.A et Grabemaro S.A pour respectivement 1 843 429 KMAD et 15 583 KMAD. Notre conclusion n'est pas modifiée à l'égard de ce point.' (PDF p67)

    Source: Ciments du Maroc — Rapport financier annuel 2025 (dated 2026-04-20)

  • Revenue

    MAD 5.46 billion

    5,458,828 MAD thousands · p60

    +24.4% vs 2024

  • Operating profit / (loss)

    MAD 2.03 billion

    2,031,780 MAD thousands · p60

    +30.5% vs 2024

  • Profit / (loss) for the year

    MAD 1.40 billion

    1,401,699 MAD thousands · p60

    +49.9% vs 2024

  • Total assets

    MAD 8.89 billion

    8,892,168 MAD thousands · p60

    +75.4% vs 2024

  • Total equity

    Not reported in this filing

  • Cash from operations

    MAD 1.87 billion

    1,865,390 MAD thousands · p61

    +47.5% 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
  • FY2022 — published summary of audited statements (summary), final status not established; reported for the year · source
    • Published summary of audited statements for 2022: final status not established. Issuer publication filed on the Casablanca Stock Exchange (AGM notice signed 'Le Conseil d'administration', p1). It reprints, as an image, the commissaires aux comptes' report on the consolidated états de synthèse (bilan, CPC, TFT and ETIC) for 2022: unmodified opinion, 'Casablanca, le 20 avril 2023', handwritten signature over the Mazars Audit et Conseil stamp (Adnane Loukili, Associé) and the PwC Maroc stamp (Leila Sijelmassi, Associée) (PDF p5, page image). That report covers the complete consolidated statements including the ETIC, which this publication does not print; no report on the publication itself is printed.
    • 2022, 2021: figures from a published summary. These columns come from a summary of the audited statements, not the full audited financial statements. The summary does not state its source; it is headed 'COMPTES CONSOLIDÉS AU 31 DÉCEMBRE 2022' and refers readers to the 'rapport financier annuel' on the issuer's website (p4), with the commissaires aux comptes' report on the consolidated états de synthèse reprinted on p5. No auditor's report on the publication is printed. It reprints the 'RAPPORT DES COMMISSAIRES AUX COMPTES SUR LES ETATS DE SYNTHESE CONSOLIDES EXERCICE DU 1ER JANVIER AU 31 DÉCEMBRE 2022' (p5, image): 'Nous certifions que les états de synthèse consolidés cités au premier paragraphe ci-dessus sont réguliers et sincères et donnent, dans tous leurs aspects significatifs, une image fidèle du patrimoine et de la situation financière du groupe au 31 décembre 2022, ainsi que du résultat de l'ensemble consolidé pour l'exercice clos à cette date, conformément au référentiel comptable en vigueur au Maroc.' The report states consolidated equity of 3 360 240 KMAD including a consolidated net profit of 917 355 KMAD; Mazars Audit et Conseil and PwC Maroc, Casablanca, 20 avril 2023, signed (p5). Consolidated bilan actif and passif, compte de résultat, tableau des flux de trésorerie and tableau de variation des capitaux propres (part groupe), all 'En milliers de dirhams' (p4); no ETIC/notes. The publication also prints the company (social) bilan and CPC in dirhams (pp2-3, with the commissaires' general report on the company accounts as an image on p3) and the AGM notice with draft resolutions (p1).
  • FY2021 — published summary of audited statements (summary), final status not established; comparative in the FY2022 filing · source
    • Published summary of audited statements for 2022: final status not established. Issuer publication filed on the Casablanca Stock Exchange (AGM notice signed 'Le Conseil d'administration', p1). It reprints, as an image, the commissaires aux comptes' report on the consolidated états de synthèse (bilan, CPC, TFT and ETIC) for 2022: unmodified opinion, 'Casablanca, le 20 avril 2023', handwritten signature over the Mazars Audit et Conseil stamp (Adnane Loukili, Associé) and the PwC Maroc stamp (Leila Sijelmassi, Associée) (PDF p5, page image). That report covers the complete consolidated statements including the ETIC, which this publication does not print; no report on the publication itself is printed.
    • 2022, 2021: figures from a published summary. These columns come from a summary of the audited statements, not the full audited financial statements. The summary does not state its source; it is headed 'COMPTES CONSOLIDÉS AU 31 DÉCEMBRE 2022' and refers readers to the 'rapport financier annuel' on the issuer's website (p4), with the commissaires aux comptes' report on the consolidated états de synthèse reprinted on p5. No auditor's report on the publication is printed. It reprints the 'RAPPORT DES COMMISSAIRES AUX COMPTES SUR LES ETATS DE SYNTHESE CONSOLIDES EXERCICE DU 1ER JANVIER AU 31 DÉCEMBRE 2022' (p5, image): 'Nous certifions que les états de synthèse consolidés cités au premier paragraphe ci-dessus sont réguliers et sincères et donnent, dans tous leurs aspects significatifs, une image fidèle du patrimoine et de la situation financière du groupe au 31 décembre 2022, ainsi que du résultat de l'ensemble consolidé pour l'exercice clos à cette date, conformément au référentiel comptable en vigueur au Maroc.' The report states consolidated equity of 3 360 240 KMAD including a consolidated net profit of 917 355 KMAD; Mazars Audit et Conseil and PwC Maroc, Casablanca, 20 avril 2023, signed (p5). Consolidated bilan actif and passif, compte de résultat, tableau des flux de trésorerie and tableau de variation des capitaux propres (part groupe), all 'En milliers de dirhams' (p4); no ETIC/notes. The publication also prints the company (social) bilan and CPC in dirhams (pp2-3, with the commissaires' general report on the company accounts as an image on p3) and the AGM notice with draft resolutions (p1).

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; FY2022 — published summary of audited statements (final status not established), as reported for the year; FY2021 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2022.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2022Published summary of audited statements (summary)reported for the yearsource limitationsFY2021Published summary of audited statements (summary)comparative in FY2022 filingsource limitations
Chiffres d'affaires1 5,458,828 4,386,567 4,067,756 4,146,387
Autres produits d'exploitation 134,539 52,920 189,471 79,494
Achats consommés2 (2,768,329) (2,226,903) (2,285,814) (2,008,798)
Charges de personnel (382,678) (323,393) (287,599) (274,032)
Autres charges d'exploitation 11,924 (6,259) (32,678) (5,570)
Impôts et taxes3 (107,503) (30,227) (30,788) (30,640)
Dotations d'exploitation4 (315,000) (295,254) (293,245) (287,271)
Résultat d'exploitation 2,031,780 1,557,451 1,327,103 1,619,570
Charges et produits financiers 19,611 29,756 (6,351) 79,173
Résultat courant5 2,051,391 1,587,207 1,320,752 1,698,743
Charges et produits non courants6 (70,145) (138,433) (31,817) (17,059)
Impôts sur les résultats (568,457) (502,730) (360,490) (463,318)
Résultat net des entreprises intégrées7 1,412,789 946,044 928,445 1,218,366
Dotations aux amortissements des écarts d'acquisition8 (11,090) (11,090) (11,090) (1,883)
Résultat net de l'ensemble consolidé 1,401,699 934,954 917,355 1,216,483
Résultat minoritaire9 (24,267) (20,793) (12,275) (19,432)
Quote-part dans les résultats des entreprises incluses par mises en équivalence 0 0 0 0
Notes and alternative reported figures (9)
  1. Printed under different labels across filings: “Chiffre d'affaires”; “Chiffres d'affaires”.
  2. “Achats consommés” is an issuer-specific line, not mapped to a shared definition: Purchases consumed (materials, energy and supplies).
  3. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes and duties other than income tax.
  4. “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation, amortisation and provisions.
  5. “Résultat courant” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: operating result plus financial result, before non-current items and income tax.
  6. “Charges et produits non courants” is an issuer-specific line, not mapped to a shared definition: Net non-current (exceptional) items.
  7. “Résultat net des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal after income tax, before goodwill amortisation.
  8. “Dotations aux amortissements des écarts d'acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill amortisation.
  9. “Résultat minoritaire” is an issuer-specific line, not mapped to a shared definition: Share of the consolidated result attributable to minority interests (printed negative).

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; FY2022 — published summary of audited statements (final status not established), as reported for the year; FY2021 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2022.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2022Published summary of audited statements (summary)reported for the yearsource limitationsFY2021Published summary of audited statements (summary)comparative in FY2022 filingsource limitations
Actif immobilisé 5,139,111 2,623,397 2,728,903 2,614,451
Goodwill12 2,017,623 169,701 191,882 205,212
Immobilisations incorporelles 660,590 562,263 559,585 559,872
Immobilisations corporelles 2,134,917 1,630,256 1,711,072 1,585,676
Immobilisations financières3 185,804 127,865 128,509 130,061
Impôt différé actif4 140,177 133,312 137,855 133,630
Actif circulant 3,753,057 2,446,289 2,064,376 2,783,128
Stocks et en-cours5 788,837 706,564 692,337 488,420
Clients et comptes rattachés 971,779 789,378 826,899 730,175
Autres créances et comptes de régularisation6 302,997 90,638 141,082 54,538
Valeurs mobilières de placement7 1,304,507 766,075 307,999 1,413,561
Disponibilités 384,936 93,633 96,059 96,435
TOTAL ACTIF8 8,892,168 5,069,686 4,793,279 5,397,579
Capitaux propres ( Part du groupe )9 3,739,311 3,329,472 3,321,526 3,788,013
Capital 1,443,600 1,443,600 1,443,600 1,443,600
Primes d'émission et de fusion10 149,863 149,863 143,954 140,999
Réserves11 767,063 821,848 828,892 1,006,363
Résultat net par du groupe1213 1,377,432 914,161 905,080 1,197,051
Autres14 1,353 0 0 0
Intérêts minoritaires 332,577 43,187 38,713 42,631
Provisions pour risques et charges 360,810 236,199 223,755 242,104
Dettes15 4,459,470 1,460,827 1,209,285 1,324,831
Emprunts et dettes financières 2,368,677 0 407 2,233
Fournisseurs et comptes rattachés 1,019,391 779,100 745,243 894,799
Autres dettes et comptes de régularisation 856,370 495,173 323,676 426,755
Trésorerie - Passif 215,032 186,553 139,958 1,045
Total du passif 8,892,168 5,069,686 4,793,279 5,397,579
Titres mis en équivalence 0 0 –16 –16
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
Notes and alternative reported figures (15)
  1. “Goodwill” is an issuer-specific line, not mapped to a shared definition: Goodwill (écarts d'acquisition), net of amortisation; provisional for the 2025 acquisitions.
  2. Printed under different labels across filings: “Goodwill”; “Écart d'acquisition”.
  3. “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets (non-consolidated investments, loans and other financial receivables).
  4. Printed under different labels across filings: “Actifs d'impôts différés”; “Impôt différé actif”.
  5. Printed under different labels across filings: “Stocks et en cours”; “Stocks et en-cours”.
  6. “Autres créances et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other receivables and accruals (current assets).
  7. “Valeurs mobilières de placement” is an issuer-specific line, not mapped to a shared definition: Marketable securities (part of the cash position in the cash-flow statement).
  8. Printed under different labels across filings: “TOTAL ACTIF”; “Total de l'actif”.
  9. Printed under different labels across filings: “Capitaux propres ( Part du groupe )”; “Capitaux propres (part Groupe)”.
  10. Printed under different labels across filings: “Primes”; “Primes d'émission et de fusion”.
  11. Printed under different labels across filings: “Réserves”; “Réserves consolidées”.
  12. “Résultat net par du groupe” is an issuer-specific line, not mapped to a shared definition: The year's group result within equity (printed 'Résultat net par du groupe').
  13. Printed under different labels across filings: “Résultat net par du groupe”; “Résultat net part Groupe”.
  14. “Autres” is an issuer-specific line, not mapped to a shared definition: Other items within equity attributable to the group.
  15. “Dettes” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: borrowings, trade payables, other payables and accruals, and treasury liabilities.

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; FY2022 — published summary of audited statements (final status not established), as reported for the year; FY2021 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2022.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2022Published summary of audited statements (summary)reported for the yearsource limitationsFY2021Published summary of audited statements (summary)comparative in FY2022 filingsource limitations
Résultat net des sociétés intégrées1 1,401,699 934,954 917,355 1,216,483
* Dotations nettes consolidées23 332,240 250,540 229,022 208,886
* Variation des impôts différés45 6,931 5,649 (431) (2,484)
Capacité d'autofinancement des sociétés intégrées6 1,740,869 1,191,143 1,145,947 1,422,885
Variation du besoin en fonds de roulement lié à l'activité7 124,521 73,643 (640,803) 155,193
Flux net de trésorerie généré par l'activité 1,865,390 1,264,786 505,144 1,578,078
Acquisitions d'immobilisations, nettes d'impôt89 (2,727,615) (184,181) (366,729) (271,133)
Cessions d'immobilisations, nettes d'impôt prises dans le résultat1011 120,000 30,055 19,452 63,365
Variation immobilisations financières12 57,939 (813) (1,552) (9,714)
Flux net de trésorerie lié aux opérations d'investissement (2,549,676) (154,939) (355,942) (234,020)
Dividendes versés aux actionnaires de la société mère (866,160) (1,010,520) (1,371,420) (1,443,600)
Dividendes versés aux minoritaires des sociétés intégrées13 (16,974) (13,800) (20,809) (17,553)
Remboursement d'emprunts14 2,368,677 0 (1,825) (1,708)
Flux net de trésorerie lié aux opérations de financement 1,485,542 (1,024,320) (1,394,054) (1,462,861)
Variation de trésorerie 801,256 85,527 (1,244,852) (118,803)
Trésorerie d'ouverture 673,156 587,629 1,508,952 1,627,755
Trésorerie de clôture 1,474,412 673,156 264,099 1,508,952
Incidence des variations de périmétre1516 0 0 (7,113) (16,539)
Notes and alternative reported figures (16)
  1. “Résultat net des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Starting point of the cash-flow statement; equals the result of the consolidated whole.
  2. “* Dotations nettes consolidées” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  3. Printed under different labels across filings: “* Dotations nettes consolidées”; “*Dotations nettes consolidées”.
  4. “* Variation des impôts différés” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  5. Printed under different labels across filings: “* Variation des impôts différés”; “*Variation des impôts différés”.
  6. “Capacité d'autofinancement des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal (cash earnings).
  7. “Variation du besoin en fonds de roulement lié à l'activité” is an issuer-specific line, not mapped to a shared definition: Change in operating working capital.
  8. “Acquisitions d'immobilisations, nettes d'impôt” is an issuer-specific line, not mapped to a shared definition: Investing: acquisitions of fixed assets.
  9. Printed under different labels across filings: “Acquisitions d'immobilisations nettes d'impôt”; “Acquisitions d'immobilisations, nettes d'impôt”.
  10. “Cessions d'immobilisations, nettes d'impôt prises dans le résultat” is an issuer-specific line, not mapped to a shared definition: Investing: disposals.
  11. Printed under different labels across filings: “Cessions d'immobilisations nettes d'impôt”; “Cessions d'immobilisations, nettes d'impôt prises dans le résultat”.
  12. “Variation immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Investing: change in financial fixed assets.
  13. “Dividendes versés aux minoritaires des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Financing.
  14. “Remboursement d'emprunts” is an issuer-specific line, not mapped to a shared definition: Financing line printed as 'Remboursement d'emprunts' with a positive amount (see the issuer_inconsistency note).
  15. “Incidence des variations de périmétre” is an issuer-specific line, not mapped to a shared definition: Investing: effect of changes in the scope of consolidation.
  16. Printed under different labels across filings: “Incidence des variations de périmètre”; “Incidence des variations de périmétre”.

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; FY2022 — published summary of audited statements (final status not established), as reported for the year; FY2021 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2022.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2022Published summary of audited statements (summary)reported for the yearsource limitationsFY2021Published summary of audited statements (summary)comparative in FY2022 filingsource limitations
Earnings / (loss) per share (per share)1 95 63 63 83
Profit / (loss) attributable to shareholders (MAD thousands)2 1,377,432 914,161 905,080 1,197,051
Shares in issue at year end (shares)3 14,436,004 14,436,004 14,436,004 14,436,004
Notes and alternative reported figures (3)
  1. Earnings / (loss) per share: printed as “Résultat net consolidé par action en dirhams”.
  2. Profit / (loss) attributable to shareholders: printed as “Résultat net part Groupe”.
  3. Shares in issue at year end: printed as “Nombre d'actions”.

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) Dividendes versés aux actionnaires de la société mère (866,160) MAD thousands Annual report, p61
31 Dec 2024 Dividends paid (cash flow statement) Dividendes versés aux actionnaires de la société mère (1,010,520) MAD thousands Annual report, p61
31 Dec 2022 Dividends paid (cash flow statement) Dividendes versés aux actionnaires de la société mère (1,371,420) MAD thousands Summary statements, p4
31 Dec 2021 Dividends paid (cash flow statement) Dividendes versés aux actionnaires de la société mère (1,443,600) MAD thousands Summary statements, p4

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.

  • Ciments du Maroc — Rapport financier annuel 2025

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

    Audit: Forvis Mazars (Abdou Diop) and PwC Maroc (Mounsif Ighiouer), commissaires aux comptes, unmodified opinion · signed

    Auditor's sign-off: Forvis Mazars (Abdou Diop, Associé) and PwC Maroc (Mounsif Ighiouer, Associé)

    Final status: Commissaires aux comptes' report on the consolidated financial statements (PDF pp67-69): unmodified opinion with an 'Observation' paragraph, dated 'Casablanca, le 20 avril 2026', with a handwritten signature over the Forvis Mazars stamp (Abdou Diop) and the PwC Maroc stamp with signature (Mounsif Ighiouer) (PDF p69, page image). No board approval date for the consolidated statements is printed in the report.

    Document date
    20 Apr 2026
    Auditor's report
    20 Apr 2026
    Board approval
    date not found in this document
    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 dirham”)
    • One-unit rounding differences kept as printed: 2025 operating-result components add to 2 031 781 against 2 031 780; the 2025 self-financing capacity components add to 1 740 870 against 1 740 869; the 2025 financing lines add to 1 485 543 against 1 485 542 (pp60-61, checked on the renders).
    • The financing line labelled 'Remboursement d'emprunts' (repayment of borrowings) prints +2 368 677 in 2025 while 'Émissions d'emprunts' prints 0; the balance sheet shows new 'Emprunts et dettes financières' of 2 368 677 (2024: 0). Kept as printed under an issuer concept (p61, page image).
    • Moroccan-framework consolidated layout: no total equity of the consolidated whole is printed on the balance sheet (equity group share 3 739 311 and minority interests 332 577 are printed apart; the auditors state consolidated equity of 4 071 888 KMAD, p67); provisions for risks and charges sit between equity and 'Dettes'; no total-liabilities or profit-before-tax line is printed ('Résultat courant' precedes non-current items and income tax). The 2024 column is the statutory consolidated comparative (Asment de Témara, Grabemaro and Asment du Centre entered the scope in 2025); pro forma 2024 figures on p61-62 are not transcribed. Treasury liabilities ('Trésorerie - Passif') are mapped to bank overdraft.
    • The cash-flow statement's 'trésorerie' includes marketable securities: closing 2025 cash 384 936 + marketable securities 1 304 507 - treasury liabilities 215 032 = 1 474 411 (printed 1 474 412); 2024: 93 633 + 766 075 - 186 553 = 673 155 (printed 673 156). The three cf.*_equals_balance_sheet check failures come from the check comparing with cash less overdraft only, without marketable securities; figures kept as printed.
    • The text layer of PDF pp60-62 holds hidden duplicate copies of the balance sheet and income statement and overlaid copies of the pro forma tables; amounts were therefore read from the OCR of the renders and, where the OCR misreads, on the render itself.
    Technical details
    File
    80 pages, with a text layer
    SHA-256
    e629c5af61ad2173d2e285a55f1f7474fd2d183150f3f951469a6dc5e0d28006
    Entity as printed
    Ciments du Maroc S.A et ses filiales (le « groupe »)
    Regulator copy
    retrieved 2026-10-08T18:21:32Z

  • Ciments du Maroc — Avis de réunion, Assemblée Générale Ordinaire Annuelle du 30 mai 2023; Comptes sociaux au 31 décembre 2022; Comptes consolidés au 31 décembre 2022

    Year ended 31 December 2022 · Published summary of audited statements (summary) · final status not established

    Audit: Mazars Audit et Conseil (Adnane Loukili) and PwC Maroc (Leila Sijelmassi), commissaires aux comptes (named); no auditor's opinion on the full statements in this document · signed

    Auditor's sign-off: Mazars Audit et Conseil (Adnane Loukili, Associé) and PwC Maroc (Leila Sijelmassi, Associée)

    Final status: Issuer publication filed on the Casablanca Stock Exchange (AGM notice signed 'Le Conseil d'administration', p1). It reprints, as an image, the commissaires aux comptes' report on the consolidated états de synthèse (bilan, CPC, TFT and ETIC) for 2022: unmodified opinion, 'Casablanca, le 20 avril 2023', handwritten signature over the Mazars Audit et Conseil stamp (Adnane Loukili, Associé) and the PwC Maroc stamp (Leila Sijelmassi, Associée) (PDF p5, page image). That report covers the complete consolidated statements including the ETIC, which this publication does not print; no report on the publication itself is printed.

    Document date
    20 Apr 2023
    Published
    28 Apr 2023
    Auditor's report
    20 Apr 2023
    Board approval
    date not found in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2022, FY2021
    Basis
    consolidated statements · MAD thousands (printed “En milliers de dirhams”)
    • The queue listed this file as FY2024; the document prints the year ended 31 December 2022 (comparative 2021).
    • Moroccan-framework consolidated layout (as in FY2025): no total equity of the consolidated whole is printed (equity group share 3 321 526 and minority interests 38 713 printed apart); provisions sit between equity and 'Dettes'; no total-liabilities or profit-before-tax line ('Résultat courant' precedes non-current items and income tax). The cash-flow statement's 'trésorerie' is net of treasury liabilities and includes marketable securities: 2022 disponibilités 96 059 + VMP 307 999 - trésorerie passif 139 958 = 264 100 against 'Trésorerie de clôture' 264 099; opening 1 508 952 + variation -1 244 852 = 264 100 (one-unit rounding, kept as printed); 2021: 96 435 + 1 413 561 - 1 045 = 1 508 951 against 1 508 952. The three cf.*_equals_balance_sheet check failures come from the check comparing with cash less overdraft only, without marketable securities (as in FY2025); figures kept as printed.
    • No auditor's report on the publication is printed. It reprints the 'RAPPORT DES COMMISSAIRES AUX COMPTES SUR LES ETATS DE SYNTHESE CONSOLIDES EXERCICE DU 1ER JANVIER AU 31 DÉCEMBRE 2022' (p5, image): 'Nous certifions que les états de synthèse consolidés cités au premier paragraphe ci-dessus sont réguliers et sincères et donnent, dans tous leurs aspects significatifs, une image fidèle du patrimoine et de la situation financière du groupe au 31 décembre 2022, ainsi que du résultat de l'ensemble consolidé pour l'exercice clos à cette date, conformément au référentiel comptable en vigueur au Maroc.' The report states consolidated equity of 3 360 240 KMAD including a consolidated net profit of 917 355 KMAD; Mazars Audit et Conseil and PwC Maroc, Casablanca, 20 avril 2023, signed (p5).
    • Consolidated bilan actif and passif, compte de résultat, tableau des flux de trésorerie and tableau de variation des capitaux propres (part groupe), all 'En milliers de dirhams' (p4); no ETIC/notes. The publication also prints the company (social) bilan and CPC in dirhams (pp2-3, with the commissaires' general report on the company accounts as an image on p3) and the AGM notice with draft resolutions (p1).
    Technical details
    File
    5 pages, with a text layer
    SHA-256
    98ab5620fc75784243877ce8be59a0c438db8762d70d554e15961965a311c77d
    Entity as printed
    Ciments du Maroc S.A et ses filiales (le « groupe »)
    Exchange copy
    retrieved 2026-10-08T18:35:54Z

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