In short
- Most Moroccan companies pay one dividend a year, after their general meeting.
- The dividend season runs mainly from May to September.
- To receive the dividend, you must own the share before the ex-dividend date.
- Dividends have a withholding tax of 11.25% in 2026 for resident individuals, then 10% from 2027.
How a dividend is paid
Annual results
Between February and April, companies publish last year’s accounts.
Board proposal
The board proposes a dividend per share.
General meeting
Shareholders approve it, usually in May or June.
Ex-dividend date
The share starts trading without the dividend: its price is adjusted.
Payment
The net dividend is credited to the cash account linked to your securities account.
Buying the day before the ex-dividend date to “catch” the dividend creates no value: the price falls by the same amount, and you pay tax on the dividend.
The 2026 dividend calendar
The Casablanca Stock Exchange publishes an official dividend calendar with, for each stock, the amount, the ex-dividend date and the payment date. Use it for your decisions. Usually: results in February–April, general meetings in May–June, most payments from June to August, the last ones in September–October.
How to calculate a dividend yield
Yield = dividend per share ÷ share price × 100
Example: a share at 500 MAD paying 20 MAD has a gross yield of 4%. After 11.25% tax, you receive 17.75 MAD, a net yield of 3.55%. A very high yield can be a warning sign: it sometimes comes from a falling price. Look at several years, not just one.
Tax on dividends
Dividends paid to resident individuals have a withholding tax, taken directly by the paying bank: you receive the net amount and have nothing more to declare. The 2023 Finance Act reduced this rate step by step: 11.25% in 2026, then 10% from 2027. See our tax guide.
Frequently asked questions
Do I need to keep the share until the payment date?
No. What matters is owning the share the day before the ex-dividend date. You can sell it afterwards and still receive the dividend.
Do all listed companies pay a dividend?
No. A fast-growing company or one in difficulty may choose to pay nothing and keep its cash.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
