Morocco’s national railway operator is riding a wave of momentum as it wraps up the second quarter of 2025 with strong financial and operational growth. The company posted 2.44 billion dirhams in standalone revenue by the end of June, marking a 13% year-over-year increase. On a consolidated basis, revenues reached 2.86 billion dirhams, up 12%, reflecting robust performance across all business segments.
Passenger transport remained a key driver, with 27 million people using ONCF services during the first half of the year—an increase of 3% compared to the same period last year. That uptick in ridership translated into 1.37 billion dirhams in passenger revenue, up 9%. The high-speed Al Boraq service continues to play a crucial role in this growth, carrying 2.5 million passengers and generating 378 million dirhams in revenue—an 11% rise from the previous year.
Freight operations saw even more significant gains. ONCF moved 11 million tonnes of goods in six months, a 20% jump that drove freight revenues up 17% to 950 million dirhams. This surge was largely fueled by a rebound in phosphate transport, with volumes soaring by 32%.
Investment activity has intensified dramatically, with 10.5 billion dirhams committed by the end of June—up from just 842 million dirhams a year ago. This sharp increase is tied to the active rollout of the new high-speed rail line connecting Kenitra and Marrakech, where civil engineering work is now underway on several sections. As expected, this expansion has pushed the company’s net debt to 47 billion dirhams, aligned with the scale and ambition of its development strategy.
Alongside its infrastructure projects, ONCF is pushing forward with internal modernization efforts. The company recently launched a new mobile app and achieved ISO 37001 certification across all operations, underscoring its focus on transparency, anti-corruption practices, and corporate governance. These initiatives are part of a broader roadmap aimed at improving service quality, strengthening oversight, and bringing the national rail network firmly into the future.
