Morocco's Highway Giant Stumbles: Profit Plunge Despite Traffic Surge
The National Motorway Company of Morocco (ADM) saw its net profit plummet by 44% in 2024, despite an 8% increase in traffic and an 18% increase in its turnover. The culprit is the "unfavorable" fluctuations in the exchange rate for this company, which is burdened with an estimated debt of 38 billion dirhams.
The report on public establishments and enterprises, annexed to the 2026 Finance Bill, reveals this financial disparity of ADM. In 2024, the company recorded a consolidated net profit of 730 million dirhams, a 44% decrease compared to 2023. This significant decline is notably due to the "impact of unfavorable exchange rate fluctuations". At the corporate accounts level, without taking into account the exchange rate effect, the net result fell by 36% to reach 678 million dirhams. A major blow for a company already heavily in debt.
Despite this decline in profits, the operational indicators show a positive trend. Traffic on the motorway network increased by 8% compared to 2023. Turnover increased by 18%, driven by the increase in the number of transactions at the toll stations. These figures show the company’s ability to strengthen its operating revenues despite financial pressures. However, the company’s debt remains high. It has decreased by only 4% to reach around 37.982 billion dirhams at the end of 2024.
Faced with these challenges, ADM has embarked on a new strategic development phase by 2030. The company is preparing to host major sporting events such as the 2025 Africa Cup of Nations and the 2030 World Cup. This ambition has materialized through the signing of a memorandum of understanding with the State for the period 2025-2032, which includes a massive investment program of 12.5 billion dirhams, not to mention the program of major reforms estimated at 4.4 billion dirhams.
The company also plans to issue bonds worth 7.5 billion dirhams without a state guarantee, the securitization of royalties for an amount of 7 billion dirhams, as well as a preferential loan guaranteed by the State of 2.2 billion dirhams for the major reforms. Investments worth 4,255 million dirhams are planned by the end of 2025, an increase of 147%. They are intended for the realization of strategic projects such as the Tit Mellil–Berrechid motorway and the Rabat–Casablanca continental motorway. For the period 2025-2028, investments of 6.955 billion dirhams, intended for the continental motorway, the digitization and automation of the network, are expected.
