in
Sign in Subscribe

MOROCCO: Royal Air Maroc Posts Record Profit of $212mn in FY2025

RABAT, Morocco: Royal Air Maroc recorded a consolidated net profit of MAD 2.085 billion Moroccan dirhams (USD 212 million) in 2025, up 154% year-on-year, according to details in Morocco’s 2027 Finance Bill. Revenue rose 8% to MAD 21.529 billion (USD 2.19 billion).

RABAT, Morocco

  • Royal Air Maroc recorded a consolidated net profit of MAD 2.085 billion Moroccan dirhams (USD 212 million) in 2025, up 154% year-on-year, according to details in Morocco’s 2027 Finance Bill. Revenue rose 8% to MAD 21.529 billion (USD 2.19 billion).
  • The result marked a full recovery from COVID-related losses between 2019 and 2022, with the carrier returning to profit in 2023.
  • Management noted the performance came despite rising low-cost competition.
  • Capital expenditure reached MAD 3.578 billion (USD 365 million), more than twelve times the prior year’s MAD 291 million (USD 30 million).
  • Spending was concentrated on fleet expansion; the airline operates 72 aircraft as of 26 October, up from 50 in 2023.
  • Current fleet entails 27 Boeing 737-800s, 20 737 MAX 8s, seven 787-8s, six 787-9s, and six E190s with six ATR72-600s in service with RAM Express.
  • A July 2023 financing agreement with the state runs to 2037 and targets a 200-aircraft fleet with a total investment of USD 25 billion.
  • In April 2024, RAM launched an RFP for up to 200 aircraft (Boeing, Airbus, Embraer and ATR were invited).
  • In November 2025, CEO Abdelhamid Addou said the tender was “currently being finalised,” with first deliveries expected from 2028 and roughly 25% of the order being widebodies. He did not name winners.
  • Mid-2025 reporting (Bloomberg/Reuters) indicated RAM was close to a large Boeing package (around 50 737 MAX and ~20–24× 787s) and a smaller Airbus deal (~20× A220). No formal announcement or order confirmation followed.
  • Everything added to the fleet in 2024–2026 has been via leases (mainly 737 MAX 8s from ACG and DAE, plus a couple of Embraer E190s). These are interim capacity measures while the big OEM order is still pending.
  • The plan also aims for more than 100 new international destinations, 46 domestic routes, MAD 94 billion (USD 9.6 billion) in revenue, and 31.6 million passengers by 2037.
  • In the first four months of 2026, revenue increased 17% to MAD 11.009 billion (USD 1.12 billion).
  • The carrier posted a net loss of MAD 71 million (USD 7.2 million) in the period, compared with a MAD 58 million (USD 5.9 million) loss a year earlier.
  • Full-year 2026 revenue is guided above MAD 25 billion (USD 2.55 billion), with 9.3 million passengers expected.

Sources:

Morocco Royal Air Maroc Rabat Casablanca Aircraft Orders Financial Results

Read next

Comments ()