CTM secures Tanger contract: MAD 13 million loss tests CTM stock
Published on 10/19/2026 at 01:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGroup results and Tanger expansion
- AMMC published CTM's Tanger transport contract announcement on October 13, 2026.
- Consolidated revenue reached MAD 927 million in the first half of 2026.
- The group reported a MAD 13 million loss in the first half of 2026.
CTM secured a delegated urban transport contract in Tanger with Transdev, while its first-half 2026 group results showed a MAD 13 million loss. The AMMC listed the contract announcement on October 13, 2026.
Urban transport expands CTM
The Tanger agreement adds urban transport to CTM's intercity and maritime activities. The company website describes CTM as a Moroccan coach operator offering routes across the country and onboard services including Wi-Fi and USB charging.
The contract arrives as the group broadens its operating perimeter. That expansion can lift revenue, but the first-half figures show that scale alone has not protected consolidated profitability.
Why did profit turn negative?
According to Dirham Digest on September 30, 2026, consolidated revenue reached MAD 927 million in the first half of 2026, compared with MAD 759 million in the first half of 2025, an increase of 22.20 percent. Consolidated EBITDA moved to minus MAD 39 million from MAD 5 million.
The same report said net income attributable to the group fell to a MAD 13 million loss from a MAD 12 million profit in the first half of 2025. It attributed the deterioration to higher fuel costs across the group's activities. The comparison puts the Tanger expansion in a sharper context: CTM is adding operations while the consolidated cost base is under pressure.
Parent company remains profitable
CTM SA delivered a different result from the wider group. Revenue rose to MAD 270 million in the first half of 2026 from the prior-year period, while EBITDA reached MAD 71 million compared with MAD 66 million. Net income increased to MAD 61 million, a 32.60 percent rise.
For investors, the key question is whether the newer urban and maritime activities can improve group-level margins after the integration phase. The parent company's figures provide a profitable base, but the consolidated loss shows that the broader portfolio still carries execution and fuel-cost risk.
Expansion meets a weaker group result
CTM's Tanger contract marks a concrete expansion step dated October 13, 2026. The first-half reporting period, however, shows a gap between higher revenue and consolidated earnings, with MAD 927 million of revenue alongside a MAD 13 million loss.
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