Morocco's highway company posts 13% rise in sales

The Moroccan highways company (ADM) announced a 13% rise in 2002 of its sales which reached 463 million DH (US$ 49.7 million), including 440 million DH coming from tolls.

At the end of 2002, the company says it has achieved a net profit of 179 million DH (US$ 19.2 million) but still suffers from a deficit since 1995, resulting from significant financial loads and investments.

With over 7 billion DH in investments (US$ 752 million) by the end of 2002, including 80% financed by international loans and a cumulated deficit of 810 million DH (US$ 87 million), the company's financial structure remains fragile, says the company.

The total toll receipts progressed by 25% compared to 2001 as new stretches became pay highways and as traffic on some sections increased.