The results mark an increase of 5.3% compared to 2017.
Rabat – Morocco’s National Company of Motorways (ADM) recorded a turnover of MAD 3.1 billion ($323 million) in 2018, marking an increase of 5.3% compared to the outcomes achieved in 2017.
The company indicated a net profit of MAD 104 million ($10.8 million) in 2019 against MAD 448 million ($46.7 million) in 2017.
The growth is mainly due to the 5.7% increase in toll revenue, exclusively related to traffic and the decrease in turnover excluding tolls of -1.5 % compared to 2017.
Revenue excluding tolls rose by MAD 18 million ($1.9 million), an increase of 11.8%, including sub-concession service products totaling MAD 13 million ($1.4 million), and sales of JAWAZ Passes (MAD +5).
JAWAZ is an electronic toll collection system that allows customers to cross equipped toll lanes without stopping.
ADM said that following advertising campaigns launched since the beginning of the year concerned, the number of passes sold reached 405,816 at the end of December 2018.
The number of passes sold stood at 197,681 at the end of December 2017, meaning the company has achieved a performance of + 105%.
The gross operating surplus also rose from MAD 1,935.6 at the end of December 2017 to MAD 2,277.7 at the end of December 2018, an increase of 17.7%.
The achievement is due to a significant drop in major repairs compared to 2017 because of the “unfavorable weather conditions (MAD -254), partially offset by the increase in current operating expenses (excluding GR, MS, and endowments) of 13.6 % to reach MAD 395, against MAD 348 in 2017.”