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Marsa Maroc Reports Strong 13% Revenue Growth in H1 2026, Reaches 3.2 Billion Dirhams
Morocco's leading port operator Marsa Maroc delivered robust financial performance in the first half of 2026, with consolidated revenues climbing 13% year-over-year to 3.214 billion dirhams. The growth was driven by increased cargo handling volumes and expanded port and logistics operations. Simultaneously, the Group significantly accelerated its capital expenditure program, investing 3.433 billion dirhams—a 166% increase—primarily focused on infrastructure development at the strategic Nador West Med port facility.
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Marsa Maroc has posted impressive results for the first half of 2026, demonstrating strong operational momentum across its port handling and logistics divisions. The Moroccan port management leader recorded consolidated revenue of 3.214 billion dirhams by the end of June 2026, representing a 13% increase compared to the 2.842 billion dirhams achieved in the same period last year.
Second quarter performance was particularly strong, with revenues advancing 14% to reach 1.779 billion dirhams, signaling accelerating growth momentum as the year progressed.
Cargo Volumes Show Steady Growth
The revenue expansion was underpinned by a 3% increase in total cargo handled by the Group during the first six months, reaching 34.5 million tons. The second quarter alone saw throughput of 18.2 million tons, up 2% year-over-year.
Container activity totaled 1.52 million TEUs (twenty-foot equivalent units), posting a 1% gain. However, this aggregate figure masks divergent trends within the container segment. Domestic container traffic surged 7% to 697,594 TEUs, benefiting from robust foreign trade dynamics. In contrast, transhipment volumes declined 4% to 822,666 TEUs.
Management attributed the transhipment decline to a strategic operational decision to refocus the company's Casablanca port container terminals on domestic flows, while maintaining Tanger Alliance as the dedicated transhipment hub.
Diversified Cargo Portfolio Performs Well
Other cargo segments also registered positive trends. Dry bulk and general cargo increased 3% to 11.7 million tons, with dry bulk specifically advancing 6%, supported by higher imports of animal feed and scrap metal. Liquid bulk volumes rose 6% to 5.9 million tons.
The vehicle and road freight segments posted particularly strong gains. New vehicle traffic jumped 12% to 81,619 units, while TIR road traffic climbed 14% to 15,936 units, reflecting the continued importance of Morocco as a logistics gateway.
Major Investment Push for Nador West Med
A defining feature of the first half was the dramatic acceleration in capital investments. Consolidated investments reached 3.433 billion dirhams, versus 1.293 billion dirhams a year earlier—a striking 166% increase. These funds were primarily allocated to port infrastructure development and equipment procurement for the new terminals at Nador West Med port.
The consolidation scope evolved during the second quarter with the integration of two new entities. Nador Container Terminal, responsible for operating the West Terminal at Nador West Med, is now fully consolidated at 100%. Additionally, West Med Towage, a port towing company in which Marsa Maroc holds a 49% stake, is now accounted for using the equity method.
Strong Balance Sheet Maintained
Despite the substantial investment outlay, Marsa Maroc continues to maintain a positive net cash position. Net debt stood at negative 1.138 billion dirhams at the end of June, compared to negative 753 million dirhams at year-end 2025. The Group held 2.785 billion dirhams in available cash against 1.647 billion dirhams in financing debt, providing ample capacity to continue its development program without financial strain.
This financial flexibility positions Marsa Maroc well to execute its strategic expansion plans while maintaining operational excellence across its existing port network.