Casablanca – Marsa Maroc recorded stronger financial and operating results during the first half of 2026, as higher cargo volumes, increased logistics revenue and continued expansion of its port activities supported growth in both earnings and revenue. The group also maintained a substantial investment program, with spending focused largely on new infrastructure and equipment linked to the development of Nador West Med.

The port operator posted a group-share net profit of approximately $89 million for the six months to the end of June, compared with about $80 million during the same period of 2025. The result represents a 12% year-on-year increase and comes alongside a broader improvement in operating performance.

Consolidated revenue reached approximately $331 million, up 13% from a year earlier. The increase was supported by higher cargo-handling volumes, particularly in international operations, as well as improved revenue generated from logistics services.

The group’s operating performance improved at a faster rate than revenue. EBITDA increased 20% to around $193 million, compared with approximately $161 million a year earlier. The stronger increase reflected the growth in activity and the group’s control over operating costs excluding provisions. Those costs increased by 4.7% during the period, allowing the operating surplus to grow more rapidly than revenue.

Cargo handling reaches 34.5 million tonnes

Marsa Maroc handled 34.5 million tonnes of cargo during the first six months of 2026, an increase of 3% compared with the first half of 2025.

The overall figure was supported by several segments of the group’s business, although performance differed between domestic container traffic and transshipment. Container handling reached about 1.52 million TEUs, representing a 1% increase from the previous year.

Domestic import and export container traffic recorded stronger growth, rising 7% to 697,594 TEUs. The increase was associated with higher foreign trade activity and contributed to the overall rise in container volumes handled by the group.

Transshipment traffic moved in the opposite direction, declining 4% to 822,666 TEUs. The contrasting trends meant that the increase in domestic container flows partly compensated for the lower level of transshipment activity.

The group has been adjusting the organization of its container terminals as its Moroccan port network develops. Casablanca’s container terminals have increasingly focused on domestic flows, while Tanger Alliance remains oriented toward transshipment operations. The evolution of these activities is therefore linked to the changing distribution of container traffic across Marsa Maroc’s terminals.

Bulk cargo also contributed to the increase in total volumes. Solid and miscellaneous bulk handling reached 11.7 million tonnes, while liquid bulk volumes rose to 5.9 million tonnes. Both segments recorded increases during the period.

Vehicle traffic showed a stronger increase, rising 12% to 81,619 units. Traffic involving specialized vessels increased 14% to 15,936 units.

The combination of higher domestic container traffic, bulk cargo and vehicle handling helped raise total cargo volumes despite the decline in transshipment.

Nador West Med at the center of investment

Marsa Maroc invested approximately $350 million during the first half of 2026, making capital expenditure one of the most significant features of its performance during the period.

The majority of this spending was directed toward port infrastructure and the acquisition of equipment for new terminals at Nador West Med. The investment reflects the group’s growing involvement in the development of the new port and the preparation of its facilities for commercial operations.

Marsa Maroc completed the entry of Terminal Investment Limited, a subsidiary of MSC Group, into West Med Container Terminal, the concession company responsible for the Eastern Container Terminal at Nador West Med. Following the transaction, Marsa Maroc holds 50% plus one share, while Terminal Investment Limited holds 50% minus one share.

The Eastern Container Terminal is planned with 1,520 meters of quay, an 18-meter draft and 70 hectares of yard space. Its eventual capacity is expected to reach 3.4 million TEUs. The first phase is scheduled to enter service toward the end of 2026, according to the project’s previously announced timetable.

Nador West Med is becoming an increasingly important component of Marsa Maroc’s investment program as the group prepares to operate additional container capacity alongside international partners.

The company’s activities at the port are also expanding beyond the Eastern Container Terminal. Nador Container Terminal, responsible for operating the Western Container Terminal, was incorporated into the group’s consolidation perimeter during the second quarter and was fully consolidated as of June 30. West Med Towage, which provides towing services at Nador West Med, also entered the group’s wider operating perimeter.

These developments mean that Nador West Med is increasingly represented in Marsa Maroc’s operating structure as the different components of the port move closer to full operation.

International expansion continues

Marsa Maroc’s development strategy extends beyond Morocco. In February 2026, the group signed a management agreement with Liberia’s National Port Authority covering the operation of two berths at the Port of Monrovia.

The Monrovia agreement adds to the group’s international operations and represents another step in the expansion of its port-management activities outside Morocco. The company has also been building its presence in international terminal operations through partnerships with major global port and shipping companies.

Marsa Maroc has retained a significant position among African container terminal operators. It ranked fourth among Africa’s largest container operators for the third consecutive year in the 2025 global container terminal operator ranking. The group has also moved into the regional port operator category following the development of international terminal activities.

Its international expansion is taking place alongside a continuing investment cycle in Morocco. Rather than replacing domestic expansion, the new overseas activities are being developed in parallel with projects such as Nador West Med and the modernization and extension of existing port concessions.

A broader expansion of the port network

Marsa Maroc’s activities during 2026 have also included developments elsewhere in Morocco. During the year, the group was awarded the concession for petroleum berth 8 Bis at Jorf Lasfar and extended the concession for Container Terminal 3. The group also moved forward with financing arrangements for its Nador West Med subsidiary.

These developments add to a portfolio that already covers a large number of terminals across the country’s ports. Marsa Maroc has previously stated that it operates 34 terminals across 20 ports and handles more than 60 million tonnes of annual traffic across its broader network.

The company’s expansion is taking place as Morocco continues to invest in maritime infrastructure to accommodate growing trade flows and strengthen links with international shipping routes. Container traffic, bulk commodities, vehicles and other cargo categories are all contributing to demand for port services.

For Marsa Maroc, the first half of 2026 therefore combined higher current activity with substantial spending aimed at expanding future capacity. Revenue increased by 13%, while EBITDA rose by 20% and net profit attributable to the group increased by 12%.

The composition of cargo traffic provides a more detailed picture of the performance. Domestic import and export containers grew 7%, while transshipment declined 4%. Solid and liquid bulk increased, vehicle traffic expanded at a double-digit rate, and specialized-vessel traffic also recorded significant growth.

At the same time, the group committed about $350 million to investments during the six-month period, much of it directed toward Nador West Med. The participation of Terminal Investment Limited gives the Eastern Container Terminal an international operating partner, while Marsa Maroc retains a slightly larger shareholding.

The financial results and investment activity indicate that Marsa Maroc is managing two parallel priorities during 2026: maintaining growth in its existing port operations while preparing new infrastructure for future traffic. Nador West Med occupies a central position in that expansion, while the Monrovia agreement provides an additional international dimension.

The second half of 2026 will therefore coincide with further developments at Nador West Med and the gradual expansion of the group’s new operating perimeter. The evolution of container traffic, bulk volumes and logistics services will determine how the first-half performance translates into the group’s full-year results, while the opening of new facilities will add further capacity to Marsa Maroc’s operations.