The Moroccan National Highway Company (ADM) reported that its consolidated revenues (turnover) reached more than MAD 1.36 billion (MMDH) at the end of June 2020, a decrease of 20% compared to the same period in 2019.
This decline was mainly due to a 29% drop in operating revenues following the decline in traffic on the highway network in the context of the health crisis related to the pandemic of the new coronavirus (covid-19). This decline was partially offset by a 49% increase in revenues related to investment with the progress of construction sites, says ADM in a statement.
For their part, investment expenses amounted to MAD 68.05 million at the end of June, the same source said, adding that during the second quarter of 2020, MAD 149 million of investments were recorded. They were mainly dedicated to the first phase of the tripling of the Casablanca-Berrechid sections and the bypass of Casablanca.
The expenses of major repairs, necessary for the maintenance of the network, the perpetuation of the highway infrastructure (pavement and engineering structures) and the safety and comfort of the customer-user, increased by 30% to MAD 291 million in the first half of the year.
As for the level of debt, it reached nearly 37.3 MMDH, against 38.99 MMDH at the end of June 2019. Since 2016, ADM has been pursuing a strategy of dynamic management of its debt through several reprofiling operations targeting 23 MMDH, or 58% of the total debt, thus allowing to control the level of debt and optimize its cost.