State-owned companies in Morocco made more money in 2025, but they also took on more debt. Their combined revenue rose by 16% to 421.6bn dirhams, while financing debt climbed by 17% to 388.2bn dirhams, according to a government report accompanying the draft 2027 finance bill.
Net profits increased by 22% to 28.45bn dirhams, up from 23.41bn dirhams in 2024.
The government expects revenue to reach 448.9bn dirhams in 2026, a further rise of 6.5%. But net profits are forecast to fall by 14% to 24.5bn dirhams.
The phosphate producer OCP Group was the main driver of revenue growth. Its turnover rose from 96.989bn dirhams in 2024 to 113.943bn dirhams in 2025.
Other public bodies also recorded higher revenue, including Royal Air Maroc, the Caisse de Dépôt et de Gestion, the Tangier Med Special Agency, the National Agency for Land Conservation, Cadastre and Cartography, and the National Railway Office.
Energy and minerals account for nearly half of revenue
Energy, minerals, water and the environment generated 46% of the total revenue of state-owned companies in 2025, underlining how heavily the sector depends on a small number of industries.
Social services, health, education and training accounted for 26% of revenue. Infrastructure and transport contributed 14%, while the financial sector represented 8%.
The sector’s value added — the value created through its activities after accounting for intermediate inputs — rose by 17% to 146bn dirhams in 2025, compared with 124.7bn dirhams in 2024. It increased by about 49% between 2023 and 2025.
The government expects value added to reach 168.7bn dirhams in 2026, up 16% from the previous year.
However, running these businesses also became more expensive. Operating costs, excluding provisions, rose by 14% to 339.6bn dirhams in 2025, from 297.1bn dirhams a year earlier. They are expected to reach 375.2bn dirhams in 2026, an increase of about 10%.
Staff costs reached 51.8bn dirhams in 2025, up 12% from 2024. The government forecasts a further increase to 54.1bn dirhams in 2026.
Profits rise as losses fall
The increase in net profits reflected stronger earnings among profitable companies and smaller losses among those operating in the red.
Positive net results rose by 10% to 39.85bn dirhams in 2025. Negative net results fell by 11%, from 12.79bn dirhams to 11.40bn dirhams.
Gross operating results — earnings from day-to-day business activities before other financial items — increased by 37% to 47.1bn dirhams, compared with 34.5bn dirhams in 2024. Positive operating results reached 62.6bn dirhams.
Energy, minerals, water and the environment accounted for 48% of all positive net results in 2025. Infrastructure and transport contributed 24%, while the financial sector accounted for 20%.
The outlook for 2026 is less favourable. Net profits are expected to fall by 14% to 24.5bn dirhams, even as gross operating results rise to about 49.1bn dirhams.
Debt climbs as investment expands
Financing debt across state-owned companies rose from 331.1bn dirhams in 2024 to 388.2bn dirhams at the end of 2025, an increase of 17%.
OCP Group accounted for the largest amount of debt among the entities highlighted in the report. Its financing debt rose by 40% to 111.5bn dirhams.
The National Office of Electricity and Drinking Water owed 55.9bn dirhams, up 2%, while the National Railway Office group’s debt increased by 11% to 45.8bn dirhams.
The National Motorway Company of Morocco recorded a 6% rise in debt to 37.9bn dirhams. Crédit Agricole du Maroc Group saw the sharpest increase among these entities, with debt climbing by 47% to 28.4bn dirhams.
The report links the rise in borrowing to increased investment. Spending on investment by state-owned companies grew by 23% in 2025 compared with 2024.
The government expects financing debt to reach 399.1bn dirhams by the end of 2026, up 3% from 2025.
Despite the higher debt, the sector’s equity — the value attributable to its owners after liabilities are deducted — increased by 5% to 741.1bn dirhams in 2025. It is forecast to reach 786.8bn dirhams in 2026.
Total assets rose by 9% to 2,242bn dirhams in 2025. The government expects them to reach about 2,289bn dirhams in 2026.
Government expects profits to recover by 2029
The government’s projections for 2027 to 2029 point to relatively stable revenue, rising value added and stronger profits.
Revenue is expected to reach 483.3bn dirhams in 2027 and 483.7bn dirhams in 2029, after a slight projected decline in 2028.
Value added is forecast to increase from 182.9bn dirhams in 2027 to 221.8bn dirhams in 2029, a rise of about 21%. Its share of total revenue is expected to grow from around 38% to 46%.
Operating costs, excluding provisions, are projected to fall from 405.7bn dirhams in 2027 to about 388bn dirhams in 2029, a decline of roughly 4%.
Gross operating results are expected to rise from 58.5bn dirhams to 73.1bn dirhams over the same period, an increase of about 25%.
Net profits are forecast to climb from 24.2bn dirhams in 2027 to 35.1bn dirhams in 2029, representing growth of about 45%.
The report warns that continued geopolitical and economic uncertainty could affect business conditions, access to financing and investment at some state-owned companies.
