State-owned Royal Air Maroc (RAM) closed last year with record profits exceeding 2 billion Moroccan dirhams (about $212 million), up nearly 154% year-on-year, even as it sharply increased investments to expand its fleet.
Revenues rose 8% to 21.5 billion dirhams, according to a state companies report attached to Morocco’s 2027 budget bill.
The results came amid growing competition from low-cost carriers.
RAM had posted losses from 2019 to 2022 due to COVID-19 before returning to profit in 2023.
Investments jumped more than twelvefold to 3.5 billion dirhams, focused mainly on fleet growth.
By the end of September, the carrier operated around 71 aircraft, up from about 50 in 2023.
Under a 2023 financing agreement with the government running to 2037, RAM aims to reach 200 aircraft at a cost of roughly $25 billion.
The plan would open more than 100 new international destinations and 46 domestic routes, target revenues of nearly 94 billion dirhams and carry 31.6 million passengers, supporting Morocco’s goal of 26 million tourists by the end of the decade and the 2030 World Cup.