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Marsa Maroc Posts Strong H1 Results with 12% Net Profit Growth to MAD 869M
Morocco's leading port operator Marsa Maroc delivered impressive first-half 2026 results, with net profit climbing 12% year-over-year to MAD 869 million. The strong performance was driven by higher cargo volumes, enhanced logistics revenues, and disciplined cost management, positioning the company favorably as it expands its domestic and international footprint.
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Marsa Maroc, Morocco's flagship port management company, reported robust financial results for the first half of 2026, with group net profit reaching MAD 869 million—a solid 12% increase compared to MAD 773 million recorded in the same period last year.
Revenue Growth Fueled by Volume Expansion
Consolidated revenue for the six-month period stood at MAD 3.214 billion, marking a 13% year-over-year advance. This growth was primarily attributed to increased cargo handling volumes across international operations and stronger revenues from logistics services.
Margin Expansion Through Operational Efficiency
The company's EBITDA outpaced revenue growth significantly, surging 20% to reach MAD 1.873 billion. Management credited this impressive margin expansion to the combination of higher business activity and effective cost control measures. Operating expenses excluding depreciation grew by only 4.7%, demonstrating strong operational discipline and resulting in improved gross margins for the period.
Operational Performance Breakdown
On the operational front, Marsa Maroc handled a total of 34.5 million tonnes of cargo during the first half, representing a 3% increase. The breakdown by segment reveals:
- Container traffic: Reached 1.52 million TEUs, up 1% overall. Import-export volumes showed particular strength with a 7% gain to 697,594 TEUs, while transhipment activity declined 4% to 822,666 TEUs.
- Solid and general cargo: Advanced 3% to 11.7 million tonnes.
- Liquid bulk: Increased 6% to 5.9 million tonnes.
- Vehicle traffic: Surged 12% to 81,619 units.
- Roll-on/roll-off cargo: Climbed 14% to 15,936 units.
Strategic Investments and Expansion
Capital expenditure during the semester totaled MAD 3.4 billion, focused primarily on developing port infrastructure and acquiring equipment for the new terminals at Nador West Med port.
In terms of strategic initiatives, Marsa Maroc finalized its 50% minus one share participation in West Med Container Terminal, the concessionaire operating the East container terminal at Nador West Med, following receipt of required regulatory approvals.
The company also strengthened its international presence by signing a management contract in February 2026 to operate two jetties at the Port of Monrovia in Liberia, demonstrating its ambition to expand beyond Moroccan borders.
Outlook
With strong momentum in both domestic and international markets, disciplined cost management, and strategic infrastructure investments underway, Marsa Maroc appears well-positioned to maintain its growth trajectory throughout 2026.