Maghreb Oxygène said its revenue rose to 330.4m dirhams in 2025, up from 311.4m dirhams in 2024, helped by strong demand for industrial and medical gases in Morocco.
The company, which is listed on the Casablanca Stock Exchange, reported revenue of 104.5m dirhams in the final three months of the year.
Spending on investment increased sharply. The firm invested 44.6m dirhams in the fourth quarter of 2025, compared with 6.5m dirhams in the same period a year earlier. Total investment for the year reached 77.6m dirhams.
Net debt stood at 148.6m dirhams at the end of 2025, up from 104.8m dirhams the year before. The rise was linked to higher spending on expansion.
Maghreb Oxygène is owned by Akwa Group, one of Morocco’s largest business groups. This gives it access to a wide network of clients across several industries.
The increase in investment suggests the company is expanding its production and storage capacity. This comes as Morocco grows its car and aircraft manufacturing industries.
Demand is also being supported by the expansion of the country’s healthcare system, with new hospitals and clinics requiring medical oxygen. Growth in renewable energy and local manufacturing has also increased the need for industrial gases.
The government has encouraged more local production of key supplies since the pandemic. Analysts say the company’s higher borrowing is typical for firms investing to grow, but it increases financial risk if market conditions weaken.
