Morocco’s Tangier Med Port Records 59% Net Profit Decline in H1 2020

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Photo credit: Tangier Med Special Agency/Twitter

Casablanca – During the first half of 2020, the Port Center of the Tangier-Med Group witnessed a significant net profit decline compared to the first half of 2019.

Consolidated net profits reached MAD 141.5 million ($15.30 million). This marks a drop of 59% compared to the first six months the previous year. 

The company released the information within its report on the port’s half-year figures as of June 30.

Tangier-Med Group contributed MAD 300 million ($32.43 million) to Morocco’s Special Fund for the Management and Response to COVID-19 in March, explaining its net profit decline in spite of overall good performance. 

Despite the pandemic’s impact, the port managed to record a 2% increase in turnover during the first half of 2020 compared to the same period of 2019.

The increase in container traffic of Tangier-Med 2 of 209% generated an increase of 3% in the port hub’s sales compared to June 2019.

The gross operating surplus came to MAD 845 million ($91.35 million). The number represents a 6.7% growth compared to the same period of the previous year. The start of operational activities at the Tangier-Med 2 Port largely factored into the increase.

Another reason behind the increase in fixed assets is that investments made during the first half of 2020 amounted to MAD 21 million ($2.27 million) while depreciation allowances reached MAD 186 million ($20.10 million)

Tangier-Med is a global logistics gateway whose capacity reaches nine million containers and the transit of seven million passengers annually, actively connecting more than 1,000 companies. 

The companies represent a yearly export turnover in excess of MAD 81.40 billion ($8.8 billion) in sectors such as automotives, aeronautics, logistics, textiles, and trade.

Source: moroccoworldnews.com