ONCF Posts Record MAD 5 Billion Revenue as Passengers Hit 55.6 Million
Marrakech – Morocco’s national railway operator ONCF crossed the MAD 5 billion ($500 million) revenue mark for the first time in 2025, driven by growth across its passenger, freight, and phosphate transport segments.
The figures were presented during the ONCF’s board of directors meeting held on April 9 in Rabat, chaired by Transport and Logistics Minister Abdessamad Kayouh.
Passenger traffic reached 55.6 million travelers during the year, generating MAD 2.9 billion ($290 million) in revenue. That represents a 5% increase over the previous year. The growth came on the back of an expanded mobility offer and improved accessibility across the network.
Al Boraq, Africa’s first high-speed train, marked its seventh anniversary in 2025. The service carried 5.6 million passengers, up 3% from 2024, and posted revenue of MAD 848 million ($84.8 million).
The railway operator also deployed a dedicated transport plan during the Africa Cup of Nations (AFCON) 2025. It opened the Rabat Riad station, set up exceptional stops at the Sidi Brahim station in Marrakech, and mobilized over 250 additional trains. The effort moved more than 250,000 supporters between host cities.
On the freight side, the merchandise segment handled 9 million tons of goods, a 6% year-on-year increase. Revenue from that activity reached MAD 744 million ($74.4 million), also up 6%. The performance was largely attributed to strong container and energy product transport.
Phosphate transport saw an even sharper rebound. Volumes exceeded 14.2 million tons, a jump of over 12% compared to the prior year. The segment brought in MAD 1.245 billion ($124.5 million) in revenue, marking a 10% rise.
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ONCF continued to tighten its operating costs. EBITDA climbed to MAD 2.173 billion ($217.3 million) in 2025, up from MAD 1.949 billion ($194.9 million) in 2024.
The year also marked the operator’s return to a positive operating result. ONCF said it is now able to fully absorb infrastructure depreciation charges. Excluding those charges, operating income stood at MAD 1.3 billion ($130 million). Net income, when stripping out all infrastructure-related capital charges, reached approximately MAD 878 million ($87.8 million).
Director General Mohamed Rabie Khlie noted that 2025 saw a particularly strong investment push. Civil engineering works on the Kenitra-Marrakech high-speed rail line were launched and accelerated during the year. Three major contracts were also concluded for the acquisition of 168 new-generation trainsets, aimed at keeping pace with growing traffic demand.
Kayouh pointed to the broader MAD 96 billion ($9.6 billion) rail investment program launched by King Mohammed VI in April 2025. He said the program’s implementation is advancing in line with initial projections, one year after its launch. The railway works for Greater Casablanca, inaugurated by the King on September 24, 2025, have also reached cruising speed.
On the environmental front, ONCF reported a 26% reduction in greenhouse gas emissions based on its 2024 carbon footprint assessment. The operator has developed a new ESG strategy targeting 2030 to structure its sustainability efforts. It also obtained ISO 37001 certification for its anti-corruption management system.
The board session covered both the 2025 review and the approval of the operator’s standalone and consolidated financial statements for the fiscal year.
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