The last 17 July 2018 was the day of receipt for the shareholders of the Moroccan Bank for Trade and Industry (BMCI). As the largest shareholder with 66.7% of the investments, the French group BNP Paribas filled its pockets with a gross dividend of 859.9 million dirhams.
For each share held, investors, including Axa Assurance Maroc (8.8%) and Holmarcom (8.4%), received a total dividend of 97 dirhams, including 30 for the normal remuneration and 67 exceptional remuneration.
In the 14 years prior to 2017 BMCI only paid an exceptional dividend twice, and this never exceeded 20 dirhams. In this regard, the decision of exceptional compensation from shareholders to 67 dirhams can amaze.
The ECOFIN Agency noted that such a decision can only be adopted at the General Assembly if the French group approves it. According to his accounts for the financial year 2017, his voting rights in BMCI were 67%. It should be noted that the payment (dividend value in relation to the net profit per share) was already 153.4% for the 2016 financial year, compared to 79.5% for the 2015 financial year.
For FY 2017, the payout of BMCI reached a record level of 235.46%. It should be noted that the increase in net earnings per share to 41.2 dirhams was only 26.4%, while the year 2016 was 32.6 dirhams.
These amazing figures are noted, while a Moroccan media, referring to anonymous sources, makes BNP Paribas about to sell its Moroccan subsidiary to the benefit of an investor from Emirates. But it must be said that no official data, neither the group nor its subsidiary in Morocco, now support the information.