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Beni Mellal – Morocco’s leading port operator Marsa Maroc delivered a standout performance in 2025, combining record operational volumes with robust financial growth and a sharp re-rating on the stock market – cementing its position among Africa’s top port and container operators.
Total cargo traffic surpassed 67 million tons, marking a 6% increase year-on-year and the highest level in the company’s history. Revenue climbed 16% to nearly MAD 5.8 billion ($580 million), reflecting sustained volume growth, operational efficiency, and the progressive scaling of new terminals.
Container activity reached a major milestone, with throughput exceeding 3 million TEUs (Twenty-foot Equivalent Units) for the first time. This achievement places Marsa Maroc as Africa’s fourth-largest container operator, reinforcing its continental ambitions and strengthening its role in regional and global maritime logistics chains.
Growth was broad-based across all traffic segments. Container volumes rose 4%, while bulk and general cargo reached 22 million tons, also up 4%. Liquid bulk traffic increased 5% to 11 million tons, and new vehicle handling surged 50% to 154,000 units. Roll-on/roll-off traffic exceeded 27,000 units, an 11% increase compared to 2024.
The company’s operational momentum translated directly into market confidence. Marsa Maroc’s share price rose 77% over the year, lifting the group to fourth place by market capitalization on the Casablanca Stock Exchange.
By year-end, its market value approached MAD 70 billion ($7 billion). The stock ranked as the third most actively traded of 2025, underlining its liquidity and status as a benchmark industrial value.
Strategic geographic expansion marked another defining feature of the year. Marsa Maroc extended its footprint beyond Africa for the first time through a partnership in Spain, acquiring a 45% stake in Boluda Maritime Terminals.
The operator manages terminals across mainland Spain and the Canary Islands, strengthening Marsa Maroc’s presence on both sides of the Strait of Gibraltar and deepening Morocco-Spain trade integration.
At home, the group consolidated its role at Nador West Med, signing strategic partnerships with global shipping leaders. Agreements were concluded with MSC for the East Container Terminal and CMA CGM for the West Container Terminal. A separate partnership with Boluda Towage covers towing and port-assistance services.
Investment activity reached an all-time high in 2025, with Marsa Maroc mobilizing MAD 2.415 billion ($241.5 million) for development and modernization. The program includes the acquisition of 18 ship-to-shore gantry cranes and 50 RTG cranes for Nador West Med and Casablanca terminals, alongside extensive superstructure works for two new container terminals at Nador West Med.
The group’s operational network now spans 34 terminals across 20 ports, reflecting a clear shift in scale and ambition. Financial fundamentals remain particularly strong, with negative net debt of MAD -753 million ($-75.3 million), comprising MAD 1.367 billion ($136.7 million) in financial debt offset by MAD 2.12 billion ($212 million) in available liquidity.
Most recently, Marsa Maroc secured a management contract with Liberia’s National Port Authority to operate the Port of Monrovia starting in 2026.
Awarded through an international tender, the contract marks the company’s third African operation and aligns with Morocco’s broader pan-African strategy of exporting expertise, strengthening South-South cooperation, and positioning national champions across high-growth markets.
