Published on september 26th, 2024
FINANCIAL
COMMUNICATION
2024
Financial results to June 30th, 2024
FINANCIAL COMMUNICATION
As of June 30th, 2024
The Board of Directors of Société d'Exploitation des Ports, Marsa Maroc, met on September 25th, 2024, to review the business activity and approve the financial statements for the first half of 2024.
Consolidated revenues up by 17.2 % during the first half of 2024 to MAD 2,482 million, thanks to the increase in volumes handled by the Group to 31.1 million tons (+14.5 %).
Significant improvement in profitability, with EBITDA up sharply by 29 % in the first half of 2024.
Strengthening of Marsa Maroc's concessions portfolio with the signing of a concession contract for the Nador West Med Eastern Container Terminal, the increase in its stake in the capital of the subsidiary Société De Manutention d'Agadir from 51 % to 100 %, and the award to Marsa Maroc of the contract for the delegated management of Terminals 1 and 5 at the Port of Cotonou in Benin.
- TRAFFIC VOLUME
31,3 MILLION TONS | 5,2MILLION TONS | |
TOTAL TRAFFIC | LIQUID BULK TRAFFIC (+12 %) | |
+14,5 % | ||
1 425 147 TEUs(*) | 48 THOUSAND UNITS | |
TOTAL CONTAINERS (+17 %) | ||
NEW VEHICLES TRAFFIC (-1 %) | ||
TRANSHIPMENT TRAFFIC : 822 375 EVP (+22 %) | ||
DOMESTIC TRAFFIC : 602 772 EVP (+11 %) | ||
10,8MILLION TONS | 11 THOUSAND UNITS | |
SOLID BULK AND GENERAL CARGO TRAFFIC (+14 %) | IRT TRAFFIC (-5 %) | |
*TWENTY FOOT EQUIVALENT UNIT | ||
- Financial Indicators
CONSOLIDATED REVENUE | CONSOLIDATED EBITDA | NET INCOME GROUP SHARE |
IN MAD MILLION | IN MAD MILLION | IN MAD MILLION |
2 119 | 2 482 | 1 333 | 626 | ||
1 033 | |||||
433 | |||||
+17% | +29% | +45% | |||
H1 2023 | S1 2024 | H1 2023 | S1 2024 | H1 2023 | S1 2024 |
• FINANCIAL RESULTS
Thanks to a 14.5 % increase in the volume of traffic handled, Marsa Maroc achieved consolidated revenues of 2,482million dirhams at June 30th, 2024, up 17.2 % on the same period last year.
EBITDA amounted to MAD 1,333 million, up 29 % on June 30th, 2023, thanks to increased revenues and tight control of operating expenses, which were only up 4 %.
Marsa Maroc reported Group net income of MAD 626 million at June 30th, 2024, up 45 % comparing to the same period last year.
Marsa Maroc | ||
Head office : Angle Bd Route d'El Jadida et Rue des Papillons - Casablanca | Financial communication contact : | Follow us |
Phone. : 05 22 23 23 24 | Email : investisseurs@marsamaroc.co.ma | |
Website : www.marsamaroc.co.ma | Phone. : 05 22 77 67 84 / 94 | |
FINANCIAL COMMUNICATION
As of June 30th, 2024
Balance Sheet
In thousand MAD - Consolidated statements | In thousand MAD - Consolidated statements |
Assets | 30/06/2024 | 31/12/2023 |
Fixed assets | 4 164 285 | 4 209 461 |
Written off fixed assets | - | |
Intangible assets | 1 073 149 | 1 056 798 |
Tangible assets | 3 027 421 | 3 088 412 |
Financial assets | 63 715 | 64 251 |
Foreign exchange differences - assets | - | - |
Current assets | 1 959 232 | 1 673 790 |
Inventory | 132 888 | 129 157 |
Accounts receivable | 723 982 | 599 157 |
Other receivables and accurals | 489 198 | 336 613 |
Deferred tax assets | 613 163 | 608 863 |
Other receivables | - | - |
Availability and Cash Investment Securities | 2 626 261 | 2 007 529 |
Total assets | 8 749 778 | 7 890 780 |
Liabilities | 30/06/2024 | 31/12/2023 |
Continued funding | 6 795 319 | 6 853 818 |
Equity | 2 951 266 | 2 983 274 |
Provisions for liabilities and charges | 1 864 380 | 1 838 633 |
Financial debt | 1 979 673 | 2 031 912 |
Debt of circulating liabilities | 1 954 458 | 1 036 962 |
Operating liabilities | 334 985 | 385 806 |
Other liabilities | 1 619 474 | 651 156 |
Deferred tax liabilities | - | - |
Cash liabilities | - | - |
Total liabilities | 8 749 778 | 7 890 780 |
INCOME STATEMENT | STATEMENT OF CASH FLOW | |
In thousand MAD - Consolidated statements | 30/06/2024 | 30/06/2023 |
Production for the financial year | 2 482 035 | 2 118 720 |
Sale of produced goods and services | 2 482 035 | 2 118 720 |
General expenses | 728 849 | 653 676 |
Value-added | 1 753 186 | 1 465 044 |
Taxes and charges | 20 592 | 19 990 |
Personnel expenses | 399 319 | 412 501 |
EBITDA | 1 333 274 | 1 032 554 |
Operating write-backs, transferred expenses | 17 331 | 19 820 |
Operating depreciation and provisions | 276 598 | 283 864 |
Operating income | 1 074 007 | 768 509 |
Financial results | -12 472 | -5 190 |
Operating profit | 1 061 535 | 763 319 |
Non-operating profit | -64 044 | -64 658 |
Profit before tax | 997 491 | 698 661 |
Income taxes | 270 473 | 186 773 |
Income taxes | -4 301 | -6 755 |
Net income for the financial year | 731 318 | 518 643 |
Consolidated income | 731 318 | 518 643 |
Minority shares | 105 073 | 85 658 |
Net income, group share | 626 245 | 432 985 |
In thousand MAD - Consolidated statements | 30/06/2024 | 30/06/2023 |
Net income | 731 318 | 518 643 |
Income components with no cash impact : | ||
Depreciation, amortization | 269 874 | 266 355 |
Change in deferred taxes | -4 301 | -6 755 |
Adjustment for profit/loss on sale investments | -5 560 | -744 |
Other components with no cash impact | 0 | 0 |
Change in work capital | -126 970 | -289 473 |
Cash flows provided by (used in) operating activities | 864 363 | 488 027 |
Purchase of fixes assets | -199 544 | -96 957 |
Proceed from sale of fixes assets | 5 618 | 779 |
Change in loans and advances | 535 | 1 355 |
Change in the consolidation perimeter | - | - |
Cash flows provided by (used in) investment activities | -193 391 | -94 824 |
Dividends paid to shareholders of the parent company | 0 | 0 |
Dividends paid to minority stockholders | - | -120 009 |
Increase in share capital | - | 4 484 |
Increase in debt | - | - |
Repayment of debt | -52 239 | -3 976 |
Change in current account associated | - | -36 363 |
Cash flows provided by (used in) financing activities | -52 239 | -155 865 |
Increase (decrease) in cash and cash equivilents | 618 732 | 174 894 |
Cash at beginning of period (including investsment securities) | 2 007 529 | 2 023 626 |
Cash at end of period (including investsment securities) | 2 626 261 | 2 198 520 |
Marsa Maroc | ||
Head office : Angle Bd Route d'El Jadida et Rue des Papillons - Casablanca | Financial communication contact : | Follow us |
Phone. : 05 22 23 23 24 | Email : investisseurs@marsamaroc.co.ma | |
Website : www.marsamaroc.co.ma | Phone. : 05 22 77 67 84 / 94 | |
FINANCIAL COMMUNICATION
As of June 30th, 2024
Balance Sheet
In thousand MAD - Statements of SODEP SA
Assets | 30/06/2024 | 31/12/2023 |
Fixed assets | 2 694 032 | 2 636 616 |
Written off fixed assets | 127 209 | 144 304 |
Intangible assets | 89 314 | 46 342 |
Tangible assets | 1 134 584 | 1 102 356 |
Financial assets | 1 342 924 | 1 343 613 |
Foreign exchange differences - assets | 0 | 0 |
Current assets | 973 806 | 579 806 |
Inventory | 105 382 | 105 879 |
Accounts receivable | 868 088 | 473 884 |
Foreign exchange differences | 337 | 42 |
Availability and Cash Investment Securities | 1 335 212 | 1 159 459 |
Total assets | 5 003 051 | 4 375 881 |
In thousand MAD - Statements of SODEP SA
Liabilities | 30/06/2024 | 31/12/2023 |
Continued funding | 3 559 640 | 3 638 507 |
Equity | 1 697 769 | 1 780 830 |
Quasi equity | 130 038 | 144 653 |
Financial debt | - | - |
Provisions for liabilities and charges | 1 731 833 | 1 713 024 |
Foreign exchange diference - liabilities | - | - |
Debt of circulating liabilities | 1 443 410 | 737 374 |
Operating liabilities | 1 442 459 | 737 143 |
Other liabilities | 337 | 42 |
Deferred tax liabilities | 614 | 189 |
Cash liabilities | - | - |
Total liabilities | 5 003 051 | 4 375 881 |
Income statement
In thousand MAD - Statements of SODEP SA | 30/06/2024 | 30/06/2023 |
Production for the financial year | 1 403 543 | 1 206 830 |
Sale of produced goods and services | 1 403 543 | 1 206 830 |
General expenses | 307 769 | 258 627 |
Value-added | 1 095 774 | 948 203 |
Taxes and charges | 19 762 | 19 255 |
Personnel expenses | 321 175 | 351 512 |
EBITDA | 754 837 | 577 435 |
Operating write-backs, transferred expenses | 16 222 | 11 537 |
Operating depreciation and provisions | 141 204 | 154 917 |
Operating income | 629 855 | 434 054 |
Financial results | 153 256 | 135 690 |
Operating profit | 783 112 | 569 745 |
Non-operating profit | -34 774 | -32 767 |
Profit before tax | 748 338 | 536 977 |
Income taxes | 207 537 | 147 410 |
Net income for the financial year | 540 801 | 389 568 |
Marsa Maroc | ||
Head office : Angle Bd Route d'El Jadida et Rue des Papillons - Casablanca | Financial communication contact : | Follow us |
Phone. : 05 22 23 23 24 | Email : investisseurs@marsamaroc.co.ma | |
Website : www.marsamaroc.co.ma | Phone. : 05 22 77 67 84 / 94 | |