Doha – Morocco’s leading port operator Marsa Maroc achieved unprecedented financial results in 2024, with consolidated revenue exceeding MAD 5 billion ($500 million) for the first time, marking a 16% increase from the previous year.
The fourth quarter alone generated MAD 1.291 billion ($129.1 million) in revenue, up 18% year-over-year.
The company reported record-breaking operational metrics across all segments. Total cargo handling volume exceeded 63.3 million tons, surpassing the 60-million-ton mark for the first time in the company’s history.
Container traffic reached new heights at 2.9 million TEUs, driven by strong performance in both transhipment operations at 1,660,494 TEUs (+12%) and domestic traffic at 1,238,285 TEUs (+14%).
Solid bulk and miscellaneous cargo operations grew by 9% to reach 21.7 million tons, supported by increased traffic in cereals, gypsum, and sulfur. Liquid bulk operations also demonstrated strong momentum with an 11% growth over the year.
The company’s stock market performance reflected these achievements, with share prices soaring by 95% in 2024.
This surge propelled Marsa Maroc into the top six highest market capitalizations on the Casablanca Stock Exchange, reaching MAD 40 billion ($4 billion) by December 31, 2024. The company also ranked as the eighth most actively traded stock on the exchange.
“These historic performances illustrate Marsa Maroc’s solid growth trajectory, stemming from its new strategic vision that will position it as the reference port, logistics and maritime partner in Morocco and Africa,” the company stated in its press release.
To support its operations, Marsa Maroc invested MAD 715 million ($71.5 million) in equipment renewal and infrastructure improvements during 2024.
Read also: Marsa Maroc’s Sales Surge 17% in First Half of 2024
The company maintains a strong financial position with a net debt of MAD -792 million ($-79.2 million), consisting of MAD 1.598 billion ($159.8 million) in financing debt and MAD 2.390 billion ($239 million) in available funds.
The company’s strategic push into Africa accelerated with the launch of Marsa Maroc International Logistics, backed by a MAD 300 million ($30 million) investment.
Two new subsidiaries, Marsa Djibouti and Marsa Benin, were established to strengthen its continental presence. Marsa Djibouti will participate in developing a petroleum terminal through Damerjog Oil Jetty FZE, while Marsa Benin will manage terminals 1 and 5 at the Port of Cotonou.
In Morocco, Marsa Maroc currently operates 25 terminals across 11 ports and has been designated to operate the East Container Terminal at Nador West Med port, which is expected to commence operations in mid-2026 with a capacity exceeding three million TEUs.
The European Bank for Reconstruction and Development recently provided MAD 690 million ($69 million) in funding to support the company’s expansion plans. Marsa Maroc’s ownership structure includes a 25% state holding and a 35% stake owned by Tanger Med Port.
