Moroccan Transport Giant CTM Reports 43% Revenue Drop Amid COVID-19 Restrictions
The coronavirus health crisis has strongly impacted the consolidated turnover of the Compagnie des transports du Maroc (CTM), which stood at 373 million DH, a decrease of 43.1%. The restrictions imposed on the main cities, the cap on the occupancy rate at 75% and the curfew are at the origin of this poor performance.
According to a press release from the group, the social turnover also fell by 50.8%, for an estimated amount of 262 million DH. Regarding the balance sheet indicators, CAPEX (Capital expenditure), which corresponds to capital investment expenditure, fell by 86.6% to 18 MDH in 2020.
As for the debt, it increased by 4.8% to 189 million DH during the past year due to the restructuring of the group’s debt.
In the 4th quarter of 2020, the consolidated turnover fell by 31.5% to 100 MDH. This decline was mitigated by the performance of CTM Messagerie. Furthermore, the Group expects to regain its performance levels as soon as the pandemic is over.
