The National Railway Office (ONCF) held its Board of Directors meeting under the chairmanship of Mr. Abdessamad KAYOUH, Minister of Transport and Logistics. The session focused on the approval of the ONCF Group’s social and consolidated accounts for the 2024 fiscal year.
In his opening remarks, the Minister highlighted the major progress made by ONCF over the past two decades, driven by the Enlightened Vision of His Majesty King Mohammed VI, may God assist Him. He emphasized that thanks to the implementation of major structural projects, ONCF has established itself as a key player in the national mobility landscape, placing rail at the heart of a sustainable, low-carbon, and high socio-economic impact transport model.
Mr. Mohamed Rabie KHLIE, Director General of ONCF, noted that 2024 was marked by a major milestone with the launch of a new development cycle for the Office. This included strategic partnerships concluded under the impetus of His Majesty the King, aimed at supporting the extension of the high-speed rail line between Kenitra and Marrakech, modernizing the rail sector, and boosting the development of a national rail industry.
He went on to highlight ONCF’s remarkable performance in 2024, driven by significant growth across its core activities. These achievements underscore the resilience of ONCF’s model and the relevance of its strategic choices in addressing the evolving needs of the mobility sector in Morocco.
The passenger segment maintained its growth momentum, supported by an expanded mobility offering, increasingly innovative services, and improved quality both on board and in stations. Over 55 million passengers traveled by train, a 4% increase compared to 2023. This success translated into financial performance, with revenue reaching 2.763 billion dirhams, up 8% from the previous year.
A symbol of performance and sustainable commitment, Al Boraq, Africa’s first high-speed train, celebrated its 6th anniversary in 2024. It continued to demonstrate its appeal, surpassing 5.5 million passengers, a 6% increase from 2023, and generating 780 million dirhams in revenue (+11%).
In the freight and logistics segment, ONCF recorded steady growth in key indicators, demonstrating its resilience and growth trajectory. Freight revenue reached 703 million dirhams, a 10% increase from 2023, mainly due to strong performance in container and logistics activities. Total freight volume reached 8.5 million tonnes, a 2% rise year-on-year.
Phosphate transport saw a strong recovery, with more than 12.8 million tonnes transported, up 46% from the previous year, generating 1.136 billion dirhams in revenue (+27%).
As a result, ONCF’s total revenue for 2024 exceeded 4.8 billion dirhams, driven by continued passenger activity growth and the rebound in phosphate transport. Passenger services alone contributed nearly 62% of revenue generated by traffic in 2024.
Despite inflationary pressures, ONCF maintained efficient management of its operating expenses. This resulted in EBITDA reaching 1.95 billion dirhams in 2024, compared to 1.57 billion in 2023 and 900 million in 2019—the first year of operation following the previous development cycle. This trend is in line with the Office’s business plan and reflects the efficiency and strength of Morocco’s rail operating model.
Operating income was balanced, mainly supported by strong passenger activity. Excluding infrastructure amortization, operating income was 1.2 billion dirhams, reflecting ONCF’s excellent performance as a rail operator. Net income excluding infrastructure costs amounted to 898 million dirhams.
In terms of investment, ONCF mobilized nearly 2 billion dirhams in 2024, primarily to maintain operational performance and prepare for the new development cycle, including key projects toward 2030: extension of the high-speed line to Marrakech, new suburban rail services (RER) in major regions, acquisition of a new fleet, and continued performance on the existing network.
ONCF thus confirms its commitment to high-impact structural projects aimed at improving sustainable mobility, supporting balanced territorial development, energizing the national rail industrial ecosystem, boosting logistical competitiveness, and fostering job creation and value generation.
Finally, ONCF reaffirmed its CSR policy with continued progress on its energy transition, marked by 90% of electric trains running on green energy since early 2024.
At the end of the session, the Minister and Board members praised the remarkable efforts of ONCF staff, recognizing their critical role in achieving set goals and anticipating sustainable mobility challenges.
The Board members concluded the meeting by addressing a message of loyalty and devotion to His Majesty King Mohammed VI, may God assist Him.
Source : Pr+imperium
