Morocco’s national rail operator Office National des Chemins de Fer (ONCF) has reported a record year, with revenue passing 5bn dirhams for the first time.
The company said revenue reached 5.15bn dirhams in 2025, up 7% on 2024, reflecting what it described as steady growth and a balanced mix of passenger and freight activity.
Passenger traffic totalled nearly 55.6 million journeys over the year, generating 2.9bn dirhams in revenue, a rise of 5%.
The high-speed service Al Boraq carried 5.6 million passengers and brought in 847m dirhams, up 8% compared with the previous year. ONCF said this confirmed the role of high-speed rail as a key part of national mobility.
Freight activity also expanded. Almost 23 million tonnes of goods were transported in 2025, producing 1.99bn dirhams in revenue, an increase of 8%. Growth was supported in particular by higher phosphate volumes.
On a consolidated basis, group revenue stood at 6.26bn dirhams, up 8% year on year.
Investment spending rose sharply during the year, reaching more than 20.3bn dirhams in social accounts. The increase was driven mainly by major projects, including the extension of the high-speed line from Kenitra to Marrakech.
Despite the higher investment, ONCF said it maintained control of its debt. Financial debt stood at about 42bn dirhams at the end of 2025, down 1% from a year earlier.
The company also expanded its footprint during the year, opening the Rabat Riad station and securing the delegated management contract for urban transport in Marrakech through its subsidiary Supratours.
ONCF added that it mobilised its rail network during the 2025 Africa Cup of Nations, transporting more than 250,000 supporters during the tournament.
