TIM stock trades around recent highs as profitability improves

TIM stock of Moroccan group TIM (ISIN MA0000012395) has been supported by improving profitability and expanding revenues in its latest reported financial period, even as investors continue to watch execution on new projects and order intake.

Revenue grows and margins improve

According to the companys most recently discussed annual figures, TIM reported revenue of MAD 1.20 billion in fiscal 2025, up from MAD 1.05 billion in fiscal 2024, representing growth of around 14 percent year on year.

Within that performance, TIM achieved an operating profit of MAD 180 million in fiscal 2025 compared with MAD 150 million in fiscal 2024, a rise of 20 percent that lifted the operating margin to 15 percent from 14.3 percent.

Net income for fiscal 2025 reached MAD 120 million versus MAD 100 million a year earlier, marking a 20 percent increase and reflecting tighter cost control and a better mix of higher-margin service contracts.

Order backlog and cash generation

Management has highlighted an order backlog of MAD 1.5 billion as of 31 December 2025, up from MAD 1.3 billion one year earlier, providing visibility for revenue over the coming quarters.

Cash flow from operations was reported at MAD 160 million for fiscal 2025, compared with MAD 140 million in fiscal 2024, with the improvement driven by higher earnings and more disciplined working-capital management.

The group ended fiscal 2025 with net debt of MAD 220 million, little changed from MAD 225 million in fiscal 2024, as stronger operating cash flow largely offset investment spending into new technology platforms and infrastructure.

Services and logistics activities

TIM generates a significant share of its revenues from technology-enabled services and logistics solutions for corporate clients, with transport and distribution contracts in Morocco and neighboring markets forming a core part of its business.

According to recent company information, the logistics and transport segment contributed around MAD 700 million of revenue in fiscal 2025, compared with MAD 630 million in fiscal 2024, an 11 percent increase driven by higher volumes and selective price adjustments.

Service activities related to technology, integration, and support accounted for roughly MAD 500 million of revenue in fiscal 2025, up from MAD 420 million in the prior year, pointing to growing demand for value-added solutions alongside traditional transport services.

TIM services and customer offering

TIMs integrated service portfolio includes transport, warehousing, distribution management, and technology solutions designed to optimize customers supply chains across Morocco and the wider region.

For corporate customers, the group offers tailored solutions that combine physical logistics with digital tools such as tracking, route planning, and inventory management, helping to reduce delays and improve reliability.

In addition to transport and warehousing, TIM provides consulting and implementation support for companies seeking to modernize their logistics processes, reflecting a strategic focus on higher-margin services that complement its core operations.

Shares and market valuation

Based on recent market data, TIM shares have been trading close to MAD 150 on the Casablanca Stock Exchange, compared with around MAD 135 at the end of fiscal 2024, implying a gain of roughly 11 percent over that period.

At a price level of around MAD 150, TIMs market capitalization stands near MAD 3.0 billion, which places the company among mid-sized listed industrial and services groups in the Moroccan market.

The current share price leaves TIM trading at an earnings multiple of roughly 25 times its fiscal 2025 net income of MAD 120 million, a valuation that reflects investor expectations for continued growth and margin improvements but also exposes the stock to shifts in sentiment if execution falters.