Rabat – The five Moroccan public enterprises that suffered the highest financial losses due to the COVID-19 pandemic have collectively lost on average over MAD 2.26 billion ($234.9 million) per month since the start of the crisis.
Morocco’s Directorate of Public Enterprises and Privatization (DEPP) revealed the number during a webinar broadcasted on Tuesday, June 23, to discuss the post-COVID-19 relaunch of Moroccan public enterprises.
The five enterprises that registered that highest losses are, in order, the Royal Air Maroc airline (MAD 1.05 billion per month, $109.1 million), the National Electricity Office (ONEE; MAD 442 million, $45.9 million), the National Airports Office (ONDA; MAD 307 million, $31.8 million), the National Railway Office (ONCF; MAD 280 million, $29 million), and the national highway company (Autoroutes du Maroc; MAD 176 million, $18.3 million).
The total amount of revenue the five enterprises lost since Morocco entered a state of health emergency on March 20 reached MAD 6.7 billion ($694.8 million).
Other public enterprises that suffered financial losses due to COVID-19 include the National Company for Radio and Television (SNRT), Soread 2M, and the Tangier-Med port management company.
To help the businesses quickly get back on their feet, the DEPP believes it is necessary that the Moroccan state injects financial support valued at MAD 16 billion ($1.66 billion), including an immediate investment of MAD 10 billion ($1.04 billion).
The network of Moroccan public enterprises includes 225 public institutions, 42 limited companies that contribute directly to the country’s treasury, 480 limited companies with indirect contribution to the treasury, and 21 companies belonging to territorial collectives.
In 2019, the network, which counts approximately 146,000 employees, generated a turnover of MAD 238 billion ($24.7 billion), revealed the DEPP.
