Leading Moroccan port operator Marsa Maroc and its subsidiaries have posted MAD2.65 billion ($287.7 million) in revenue in the first nine months of 2021, driven by an increase in the overall traffic that it handled during the period under review.
Figures contained in the group’s quarterly filings revealed that it delivered a resilient financial performance despite the impact of the COVID-19 pandemic on its operating environment and supply chain disruptions.
A surge in demand for commodities, consumer goods and industrial products played a crucial role in the increase in container traffic in the period under review, which led in turn to a rise in revenue.
Revenue in the nine-month period soared by 27 percent to MAD2.65 billion ($287.7 million), up from the MAD2.091 billion ($227 million) that the company posted in the first nine months of 2020.
The revenue growth cements the port operator’s position as one of the leading listed companies in the country, as it continues to deliver value to shareholders under the leadership of Marsa Maroc President Mohammed Abdeljalil.
Aside from the global demand surge that played a vital role in the double-digit hike in the group’s earnings, Marsa Maroc’s steep top-line growth can be linked to its subsidiary Tanger Alliance launching operations on Jan. 1 of this year.
In addition to its revenue contribution, the subsidiary processed 6.9 million tonnes of container traffic of the 34.7 million tonnes of shipment that the group handled between Jan. 1 and Sept. 30.
Since the year began, Marsa Maroc has invested MAD214 million ($23.23 million) in its operations, excluding maintenance costs at its port facilities in Dakhla, Laayoune, Agadir, Safi, Jorf Lasfar, Casablanca, Mohammedia, Tanger Med I and Nador.
As of press time, Nov. 19, shares in the Morocco-based operator were trading at MAD278 ($30.2), down 71 basis points due to a relatively stronger bearish sentiment on the Casablanca bourse.
