Morocco’s national airline, Royal Air Maroc (RAM), anticipates that it will have flown 7.5 million passengers by the end of 2024, according to Morocco’s Ministry of Economy and Finance’s latest report on public institutions and enterprises.
The report forecast RAM’s revenues to reach 19.864 million MAD by year-end, reflecting a 4.5% increase in air traffic over 2023. In the first four months of 2024 alone, RAM transported nearly 3.3 million passengers, a 2.7% rise from the same period last year, with a load factor of 76%.
Revenue for RAM increased by 5% to 8.807 million MAD as of the end of April 2024, although the airline reported a net loss of 541 million MAD.
The report also highlighted that “RAM achieved impressive financial results in 2023, recording its highest net income in a decade, with a net margin of 2.2%.” The airline’s revenue surged by 57% to 19.707 million MAD (on a consolidated basis up 52% to nearly 19.567 million MAD), driven by robust travel demand after COVID-19 travel restrictions were lifted.
RAM transported approximately 7.2 million passengers in 2023, recovering 96% of its pre-pandemic traffic level despite a 10% reduction in fleet size compared to 2019. The airline had a 42% increase in traffic and a 32% increase in capacity compared to 2022, with a record load factor of 77%, up 5 points from the previous year, increasing its profit margin.
The Ministry’s report also indicated “promising prospects for RAM, reinforced by a program contract signed in 2023 that outlines a strategic roadmap for the airline’s growth.”
The roadmap envisions expanding RAM’s fleet from 50 to 200 aircraft by 2037, opening more than 100 new international destinations and 46 domestic routes, and diversifying revenue sources. The goal is to achieve 94 billion MAD in revenue and transport 31.6 million passengers annually, with a target load factor of 82%.
The new development plan will reposition RAM as a “leading player in African air transport,” the report stated, supporting the Kingdom’s tourism strategy and preparations for hosting the 2030 World Cup.