ONCF reported higher revenue in the first three months of 2026, helped by more passengers using its train services.
The company’s revenue reached 1.129 billion dirhams by the end of March, up 2% from the same period last year.
Passenger transport remained the biggest source of income. More than 12.6 million people travelled on ONCF trains during the quarter, generating 646 million dirhams in revenue, a 4% increase from a year earlier.
High-speed train service Al Boraq continued to perform strongly. It carried more than 1.25 million passengers in the first quarter and generated around 185 million dirhams in revenue, up 11% year-on-year.
Freight and phosphate transport also grew. Revenue from the segment rose 2% to 442 million dirhams, supported by phosphate shipments. Revenue from non-transport activities fell 23% to 41 million dirhams.
On a consolidated basis, ONCF’s revenue reached 1.377 billion dirhams, compared with 1.324 billion dirhams a year earlier.
The rail operator continued to invest in its expansion plans, although spending was lower than during the same period in 2025. Capital expenditure totalled 1.921 billion dirhams, compared with 4.024 billion dirhams a year earlier.
Most of the investment went towards major projects under ONCF’s railway development plan through 2030.
Net debt stood at 45.383 billion dirhams at the end of March, up from 41.924 billion dirhams at the end of 2025. ONCF said the increase was linked to funding its investment programme.
ONCF also completed a 2 billion dirham green bond issue during the quarter. The offer was subscribed to five times over.
