ONCF targets MAD 10 billion in revenue by 2030 as passenger traffic reaches 100 million

Morocco’s National Railways Office (ONCF) expects passenger traffic to reach around 100 million and revenue to hit MAD 10 billion by 2030, as it rolls out a MAD 96 billion plan to expand the country’s railway network, according to a report on public institutions and state-owned enterprises accompanying the 2027 Finance Bill. The plan includes MAD 53 billion to extend the high-speed rail line from Kenitra to Marrakech and develop related infrastructure and equipment. It also allocates MAD 29 billion to 168 new-generation trains and MAD 14 billion to maintain the railway network. Of the MAD 14 billion, MAD 8 billion is allocated to the high-speed rail extension and regional express train infrastructure, while MAD 6 billion is for maintaining the existing network. The report said work on the 430-kilometer Kenitra-Marrakech high-speed rail line began in April 2025, while the railway operator launched a separate rail development plan for Casablanca in September of the same year. The plan includes a new multimodal station called Casablanca-South, new stations at Mohammed V International Airport and the new Grand Hassan II Stadium, and more train services between Mohammedia and Nouaceur. For 2027, ONCF expects revenue to reach MAD 6.051 billion, rising to MAD 6.565 billion in 2028 and MAD 7.045 billion in 2029. The report said that investment spending is expected to reach MAD 29.021 billion in 2027. For 2026, the railway operator expects revenue of MAD 5.276 billion and operating profit of MAD 216 million. It also forecasts a net deficit of MAD 652 million and investment spending of MAD 18.2 billion, down nearly 4% from 2025.

ONCF sees growth in passenger and freight traffic in 2025

In 2025, ONCF carried 55.6 million passengers, up 1% from the previous year. The report noted that Al Boraq carried 5.6 million passengers, up 3%, while conventional trains carried nearly 50 million. As for revenue, passenger transport brought in MAD 2.905 billion, up 5%. Al Boraq generated MAD 848 million, up 9%, while conventional trains brought in MAD 2.057 billion, up 4%. The occupancy rate stood at 65%, while punctuality reached 87%. Freight volumes also grew 9.4% to 23.2 million tonnes, while revenue increased 8% to MAD 1.989 billion. Phosphate transport generated MAD 1.245 billion, while other freight transport brought in MAD 744 million, up 6%. Overall, ONCF’s revenue rose 7% to MAD 6.191 billion in 2025, up from MAD 5.809 billion in 2024. Operating profit increased to MAD 231 million from MAD 81 million a year earlier. Yet, the railway operator’s net deficit widened to MAD 1.404 billion in 2025 from MAD 1.313 billion in 2024, mainly due to infrastructure-related costs, including depreciation and financial expenses, according to the same source. By the end of June 2026, revenue had reached MAD 2.479 billion, up 2% from the same period in 2025, while its net deficit reached MAD 716 million and investment spending stood at MAD 4.834 billion.

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