Marrakech – Morocco’s leading port operator, Marsa Maroc, announced a nearly MAD 21 billion ($2.1 billion) investment program spanning 2025 to 2030. The plan aims to strengthen the group’s positioning as a leading regional port operator under its strategic roadmap through the end of the decade.
The announcement came as the company’s board of directors met on March 17 to approve financial statements for the year 2025. The results confirmed a year of strong business growth and significant improvement in profitability across the group’s operations.
Consolidated revenue reached MAD 5,785 million ($578.5 million), up 16% compared to MAD 5,008 million ($500.8 million) in 2024. The increase was driven by higher volumes handled across the group’s ports and the expansion of its logistics service offering.
EBITDA amounted to MAD 3,192 million ($319.2 million), a 22% increase from MAD 2,624 million ($262.4 million) the previous year. The improvement reflected strong operational performance and continued efforts to enhance efficiency.
Net income group share reached MAD 1,589 million ($158.9 million), representing a 25% jump from MAD 1,267 million ($126.7 million) in 2024.
On the operational front, total cargo traffic surpassed 67 million tons, a 6% year-on-year increase and the highest level in the company’s history. Container throughput exceeded 3 million TEUs for the first time, placing Marsa Maroc as Africa’s fourth-largest container operator.
Growth was broad-based. Container volumes rose 4%, while bulk and general cargo reached 22 million tons, also up 4%. Liquid bulk traffic climbed 5% to 11 million tons. New vehicle handling surged 50% to 154,000 units, and roll-on/roll-off traffic exceeded 27,000 units, an 11% increase.
Of the MAD 21 billion ($2.1 billion) earmarked for the six-year period, MAD 2.4 billion ($240 million) was committed in 2025 alone. The program is financed through debt, complemented by free cash flow generation and contributions from partners in jointly developed projects.
A separate MAD 4.4 billion ($440 million) investment program, launched in 2025, is dedicated to the modernization and expansion of port capacities at Casablanca and Jorf Lasfar.
The group’s financial position remains solid, with negative net debt of MAD -753 million ($-75.3 million). Financial debt stood at MAD 1.367 billion ($136.7 million), offset by MAD 2.12 billion ($212 million) in available liquidity.
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On the strategic front, Marsa Maroc entered into partnerships with Terminal Investment Limited (TIL) and CMA CGM for the East and West Container Terminals at Nador West Med, respectively.
A separate consortium with Boluda Towage will provide towing and port assistance services at the same port. Upon completion of conditions precedent, subsidiary Marsa Maroc International Logistics (MMIL) will hold a 45% stake in Boluda Maritime Terminals, expanding the group’s footprint to 34 terminals across 20 ports.
In the recent Forbes Middle East 2026 ranking of the 100 Most Valuable Companies in the Middle East, Marsa Maroc secured the 60th spot with a market value of $7.53 billion.
The consolidation scope evolved during 2025 with the integration of West Med Container Terminal, in which Marsa Maroc holds 50% plus one share, and MMIL, a wholly owned subsidiary established to support international expansion.
The board will propose a dividend of MAD 11 per share for 2025, a 16% increase over the previous year. The distribution comes despite the sustained investment phase tied to the deployment of the strategic plan.
In 2026, the group will focus on the operational start-up of the East Container Terminal and towage activities at Nador West Med, while continuing to pursue international expansion.
Marsa Maroc’s share price rose 77% over the year, lifting its market capitalization to nearly MAD 70 billion ($7 billion) and ranking it fourth on the Casablanca Stock Exchange.
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