Marsa Maroc, a Moroccan port operator led by prominent businessman Mohammed Abdeljalil, reported a double-digit increase in revenue at the end of 2021, as overall container traffic rose by double digits in 2021 due to gains from subsidiary operations and a rising demand for goods and commodities.
Marsa Maroc, or Societe d’Exploitation des Ports, is a port operator based in Casablanca that manages nine ports; seven are in Morocco and the other two are in Western Sahara, which Morocco claims.
According to the group’s financial update, revenue in 2021 increased by more than 30 percent, from MAD2.76 billion ($295.1 million) in 2020 to MAD3.59 billion ($383.8 million) in 2021, despite the impact of the COVID-19 pandemic on business and economic activities.
The Abdeljalil-led group revealed that revenue growth was driven by a double-digit increase in container traffic in 2021, with the group handling a total of 47.2 million tonnes of container shipments, up 47.1 percent from the 8.5 million tonnes of containers handled the previous year.
It also stated that the container traffic it recorded in the period includes 9.8 million tonnes carried out by its subsidiary, Tangier subsidiary Alliance, which began operations on Jan. 1, 2021. Excluding the contribution of Tanger Alliance, traffic increased by five percent over the last year.
The revenue increase cements Marsa Maroc’s position as one of the country’s leading listed companies, as it continues to deliver value to shareholders under the leadership of Abdeljalil, its president.
Marsa Maroc committed a total investment of MAD683 million ($73 million) to boost its operations through the acquisition of equipment, representing a 50-percent increase over what was invested the previous year.
Shares in the Morocco-based port operator were trading at MAD286.1 ($30.6) as of press time on Feb. 2, 31 basis points lower than their opening price on the Casablanca bourse this morning.
Marsa Maroc’s market capitalization is valued at MAD21 billion ($2.24 billion), making it one of Morocco’s most capitalized listed companies.
