In 2020, Marsa Maroc recorded a much-awaited drop in its results within a context marked by a significant slowdown in port activity on a global scale. The operator's revenue shows an annual decline of -5.2% to MAD 2,757 Mn, in line with our estimate of MAD 2,735 Mn.

The recurring NIGS settled at nearly MAD 500 Mn, down -25.7% over the same period. The latter is lower than our initial estimate of MAD 561 Mn. By including the donation to the Covid-19 fund of MAD 300 Mn, the NIGS comes out to MAD 292 Mn, down -56.5%.