Tanger Med group revenue up 12.3% in 2024

Tanger Med Group, which manages the largest Mediterranean port, logistics and industrial zones, reported an annual 2024 revenue up 12.3% to $1.23 billion.

The performance was largely on the back of higher container activity in the port, ranked 17th worldwide.

Morocco’s Tanger Med port has widened the gap with other Mediterranean competitors, outperforming all with a new record of 10.24 million containers handled in 2024, up 18.8% from a year earlier.

The performance was possible thanks to the commitment of port operators and shipping lines, the port authority said in a statement.

The result was also achieved following enhanced facilities, the commissioning of new equipment, and the optimization of maritime calls, which helped reduce waiting and maneuvering times

The port handled 516,842 trucks in 2024, up 8.1% from 2023, driven by industrial products, which grew by 6.8%, and agri- business traffic, which increased by 7.2%.

Passenger traffic through the port grew 13% to 3,047,387 passengers, while 600,872 cars were exported via the port’s two terminals, up 4%.

These included 368,843 vehicles exported by the Renault factories in Melloussa and SOMACA in Casablanca, 170,519 vehicles exported by the Stellantis plant in Kenitra.