Marsa Maroc Reports 17% Revenue Growth in First Half of 2024
Marsa Maroc, a prominent Moroccan port operator, has achieved significant financial success in the first half of 2024, with revenue increasing by 17% to 2.48 billion Moroccan dirhams (about $247 million USD). This performance exceeded initial projections and was fueled by a 14.5% rise in cargo traffic, including transshipment, imports, exports, containers, bulk cargo, and vehicles.
The company's investment strategy played a crucial role in this growth, with Marsa Maroc allocating 164 million dirhams ($16.3 million USD) to modernize its equipment fleet, a 19% increase from the previous year. Despite these substantial expenditures, the company’s financial health improved, with net debt dropping from 105 million dirhams ($10.4 million USD) to -647 million dirhams ($64.3 million USD).
Strategically, Marsa Maroc expanded its operations through several key initiatives. It secured a concession for the East container terminal at the Port of Nador West Med, enhancing its presence in a vital region. Additionally, the company acquired full ownership of the Agadir Material Handling Society, reinforcing its influence in southern Morocco.
Internationally, Marsa Maroc made notable strides by being awarded a management contract for terminals 1 and 5 at the Port of Cotonou in Benin, marking its entry into the West African market. This move aligns with the company's broader strategy to diversify and explore growth opportunities in neighboring regions.
In a significant governance shift, Marsa Maroc transitioned from a dual board structure to a unified Board of Directors. This restructuring aims to streamline decision-making processes and bolster governance practices.
Overall, Marsa Maroc's impressive financial performance and strategic moves reflect its adaptability and strategic foresight in navigating market dynamics and seizing growth opportunities.
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