Rabat - Marsa Maroc, a leading port operator in Morocco, has reported a robust financial performance for the first half of 2024, driven by increased traffic and strategic investments.

The company’s revenue surged by 17% to reach 2.48 billion Moroccan dirhams (approximately $247 million USD), surpassing expectations.

This growth was primarily attributed to a 14.5% increase in handled traffic, encompassing various cargo types such as transshipment, import-export, containers, bulk cargo, and vehicles.

Marsa Maroc’s commitment to operational efficiency and modernization was evident in its investments. The company allocated 164 million dirhams ($16.3 million USD) to renew its equipment fleet, reflecting a 19% increase compared to the previous year.

Despite these investments, Marsa Maroc’s financial position remained strong, with net debt decreasing from 105 million dirhams ($10.4 million USD) to -647 million dirhams ($64.3 million USD).

Several strategic initiatives contributed to Marsa Maroc’s success during the first half of 2024. The company secured a concession contract for the East container terminal at the port of Nador West Med, expanding its operations in a key region.

Additionally, Marsa Maroc acquired full ownership of the Agadir Material Handling Society, solidifying its position in the southern part of Morocco.

The company was also awarded a delegated management contract for terminals 1 and 5 at the port of Cotonou in Benin, marking its entry into the West African market.

This expansion aligns with Marsa Maroc’'s broader strategy to diversify its operations and capitalize on growth opportunities in neighboring countries.

In terms of corporate governance, Marsa Maroc underwent a significant restructuring, transitioning from a company with an Executive Board and Supervisory Board to a company with a Board of Directors.

This change is expected to enhance decision-making processes and improve overall governance practices.

Overall, Marsa Maroc's strong financial performance and strategic initiatives demonstrate the company's ability to adapt to changing market conditions and capitalize on growth opportunities.