Rabat - Autoroutes du Maroc (ADM) announced a deficit of MAD 4 billion for 2016 during an Ordinary General Meeting held last weekend.
Rabat – Autoroutes du Maroc (ADM) announced a deficit of MAD 4 billion for 2016 during an Ordinary General Meeting held last weekend.
The company said that this outcome was due to “the achievement of exceptional provisions” totaling MAD 3.15 billion. This included “major repairs” for the motorway’s infrastructure, with the cost of these repairs estimated at MAD 2.5 billion, added ADM.
The company also noted that it has restructured its obligatory debt, which was estimated at MAD 650 million.
ADM announced that it has registered growth in revenue of 12 percent (MAD 2.71 billion).
According to Les Inspiration Eco, this growth is explained by an increase of traffic on the Moroccan motorway network.
The increase in the company’s revenue is also explained by the commissioning of the El Jadida-Safi motorway route and Rabat bypass.
The completion of these two projects also marked the finalization of ADM’s 2008-2015 program contract.
Despite the increase of its turnover, ADM exhibited a fragile financial situation due to its MAD 40 billion of debt, which made the company to consider a debt restructuring policy, intended to solve the deficit.
