Marsa Maroc, Morocco’s leading port operator, announced a long-term capital program totaling $2.1 billion (MAD 21 billion) for 2025–2030, aimed at consolidating its position as a leading regional operator. The announcement followed a March 17 board meeting convened to approve the company’s 2025 financial statements, which evidenced strong business momentum and improved profitability across the group. The strategy, running through the end of the decade, focuses on expanded capacity, efficiency gains, and selective international growth, building on a year marked by rising volumes, a broader logistics offering, and continuous operational improvements.
Financial performance for 2025 showed broad-based gains. Consolidated revenue reached MAD 5,785 million ($578.5 million), a 16% increase from MAD 5,008 million ($500.8 million) in 2024, supported by higher throughput and logistics expansion. EBITDA rose to MAD 3,192 million ($319.2 million), up 22% from MAD 2,624 million ($262.4 million), reflecting improved efficiency and resilient operations. Net income group share climbed to MAD 1,589 million ($158.9 million), a 25% jump from MAD 1,267 million ($126.7 million), underscoring the combined effect of volume growth, margin discipline, and disciplined execution across terminals and services.
Record Volumes and Strengthened Finances
Total cargo traffic surpassed 67 million tons, a 6% year-on-year rise 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 evenly spread: container volumes rose 4%, while bulk and general cargo reached 22 million tons, also up 4%. Liquid bulk advanced 5% to 11 million tons. These operational gains highlight steady demand across commodities and sustained competitiveness of the group’s network.
Automotive and roll-on/roll-off activities also expanded. New vehicle handling surged 50% to 154,000 units, while roll-on/roll-off traffic exceeded 27,000 units, an 11% increase. Looking ahead to 2026, Marsa Maroc will prioritize the operational start-up of the East Container Terminal and towage activities at Nador West Med, while continuing to pursue international expansion opportunities that complement its domestic portfolio and scale advantages.
The six-year investment program allocates capital to capacity expansion and modernization across the network, with MAD 2.4 billion committed in 2025 alone. The financing structure combines debt with free cash flow generation and partner contributions for jointly developed projects, maintaining balance sheet discipline. In parallel, a separate MAD 4.4 billion program launched in 2025 targets the modernization and expansion of port capacities at Casablanca and Jorf Lasfar, two linchpins of national trade and industrial logistics.
Marsa Maroc reported a solid financial position, including negative net debt of MAD -753 million, supported by MAD 2.12 billion ($212 million) in available liquidity versus MAD 1.367 billion ($136.7 million) in financial debt. The board will propose a dividend of MAD 11 per share for 2025, up 16% year-on-year, signaling confidence in cash generation despite an intensive investment phase tied to the group’s strategic deployment through 2030.
On the strategic front, Marsa Maroc entered partnerships with Terminal Investment Limited (TIL) and CMA CGM to operate the East and West Container Terminals, respectively, at Nador West Med. A separate consortium with Boluda Towage will provide towing and port assistance services at the same complex. Subject to completion of conditions precedent, subsidiary Marsa Maroc International Logistics (MMIL) will hold a 45% stake in Boluda Maritime Terminals, extending the group’s footprint to 34 terminals across 20 ports. The consolidation scope evolved in 2025 with the integration of West Med Container Terminal (50% plus one share) and the inclusion of MMIL as a wholly owned vehicle for international growth. Recognition followed on the capital markets: in Forbes Middle East’s 2026 list of the 100 Most Valuable Companies, Marsa Maroc ranked 60th with a market value of $7.53 billion. Over the year, the share price rose 77%, lifting market capitalization to nearly MAD 70 billion ($7 billion) and placing the company fourth on the Casablanca Stock Exchange.
