AFMA reports 12 percent profit growth: AFMA stock margin falls to 41.20 percent

Published on 10/19/2026 at 01:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue reached MAD 194.20 million in first-half 2026, up 9.00 percent. For AFMA stock, EBITDA margin was 48.70 percent versus 50.00 percent.

Balance sheet adds context

AFMA's board reviewed first-half accounts on September 21, 2026, including MAD 57.70 million in group net income.
Consolidated revenue reached MAD 194.20 million in the first half of 2026, up 9.00 percent year over year.
The consolidated balance sheet totaled MAD 1,439.00 million on June 30, 2026.

AFM, MA0000012296, Illustration mit AI erstellt.

AFMA (MA0000012296) reported group net income of MAD 57.70 million for the first half of 2026, an increase of 12.00 percent from MAD 51.40 million a year earlier. The results were reviewed by the board on September 21, 2026, and published in the company's half-year release dated September 24, 2026, according to AFMA. The result gives AFMA stock a stronger earnings headline, but the operating detail is more mixed.

Revenue grows faster than costs

Consolidated revenue reached MAD 194.20 million in the first half of 2026, compared with MAD 177.50 million in the first half of 2025, a 9.00 percent increase. Current operating income rose 5.00 percent to MAD 80.10 million, while consolidated net income increased 7.00 percent to MAD 57.30 million, according to the same AFMA release.

The margin trend adds a counterweight. Dirham Digest reported that EBITDA rose 7.00 percent to MAD 94.60 million, but the EBITDA margin declined from 50.00 percent to 48.70 percent. The current operating margin also fell from 42.90 percent to 41.20 percent. For investors, the key question is whether the 12.00 percent rise in group earnings can continue while profitability on revenue narrows.

Three dated milestones

On September 21, 2026, AFMA's board reviewed the first-half accounts, which included MAD 194.20 million of consolidated revenue, according to AFMA. On September 24, 2026, the company published the half-year release showing MAD 57.70 million of group net income. On October 2, 2026, Atlas Magazine reported the same period with revenue of MAD 194.20 million and group net income of MAD 57.70 million.

What does the balance sheet show?

AFMA's consolidated balance sheet totaled MAD 1,439.00 million on June 30, 2026, compared with MAD 1,183.20 million at the end of 2025. The company operates in insurance advice and brokerage, with the half-year report describing activity across Morocco and a network serving the group's brokerage operations.

Stock context for investors

AFMA is listed on the Casablanca Stock Exchange under ticker AFM, according to MyStocks Africa. The latest operating picture therefore has two sides: revenue and earnings advanced in the first half of 2026, while the lower operating margins leave execution costs as the central issue for the next update.