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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (16 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

CTM

CTM · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
Compagnie de Transports au Maroc « C.T.M. » S.A.
Listing
CTM on the Bourse de Casablanca, active · ISIN MA0000010340 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    MAD 1.83 billion

    1,827,360 MAD thousands · p66

    +40.4% vs 2024

  • Operating profit / (loss)

    MAD 6.74 million

    6,740 MAD thousands · p66

    −76.3% vs 2024

  • Profit / (loss) for the year

    MAD 16.1 million

    16,083 MAD thousands · p66

    −33.0% vs 2024

  • Total assets

    MAD 1.37 billion

    1,370,741 MAD thousands · p65

    −2.7% vs 2024

  • Total equity

    MAD 342 million

    342,031 MAD thousands · p65

    −4.6% vs 2024

  • Cash from operations

    −MAD 102 million

    (101,536) MAD thousands · p66

    −128.8% vs 2024

Large amounts are rounded for reading (MAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Produits1 1,868,972 1,324,188
Chiffres d’affaires 1,827,360 1,301,509
Subventions d’exploitation des sociétés industrielles2 28,687 10,294
Autres produits d’exploitation 3,170 3,108
Reprise d’exploitation, transferts de charges3 9,755 9,277
Charges4 (1,862,232) (1,295,725)
Achats5 (983,351) (617,407)
Autres Charges externes6 (417,851) (308,968)
Impôts et taxes7 (10,540) (11,164)
Charges du personnel (305,388) (252,907)
Dotations aux amortissements et provisions8 (145,102) (105,279)
Résultat d’exploitation 6,740 28,463
Résultat financier9 (19,060) (12,222)
Résultat courant10 (12,320) 16,241
Résultat non courant11 45,370 25,197
Résultat avant impôts 33,050 41,438
Impôts sur les bénéfices (16,967) (17,439)
Quote-part dans le résultat des Sociétés mises en équivalence12 –13 –13
Dotations aux amortissements des Ecarts d’acquisition14 –13 –13
Résultat net consolidé de l’exercice 16,083 23,999
Intérêts minoritaires15 (40,121) (22,623)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.profit_for_year.
Notes and alternative reported figures (14)
  1. “Produits” is an issuer-specific line, not mapped to a shared definition: Printed total of operating income lines.
  2. “Subventions d’exploitation des sociétés industrielles” is an issuer-specific line, not mapped to a shared definition: Operating subsidies.
  3. “Reprise d’exploitation, transferts de charges” is an issuer-specific line, not mapped to a shared definition: Operating reversals and expense transfers.
  4. “Charges” is an issuer-specific line, not mapped to a shared definition: Printed total of operating charges (printed positive; deducted).
  5. “Achats” is an issuer-specific line, not mapped to a shared definition: Purchases (printed positive; deducted).
  6. “Autres Charges externes” is an issuer-specific line, not mapped to a shared definition: Other external charges (printed positive; deducted).
  7. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax (printed positive; deducted).
  8. “Dotations aux amortissements et provisions” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provisions (printed positive; deducted).
  9. “Résultat financier” is an issuer-specific line, not mapped to a shared definition: Financial result (net).
  10. “Résultat courant” is an issuer-specific line, not mapped to a shared definition: Operating result plus financial result.
  11. “Résultat non courant” is an issuer-specific line, not mapped to a shared definition: Non-current (exceptional) result (note 2.10).
  12. “Quote-part dans le résultat des Sociétés mises en équivalence” is an issuer-specific line, not mapped to a shared definition: Dashes both years.
  13. “Dotations aux amortissements des Ecarts d’acquisition” is an issuer-specific line, not mapped to a shared definition: Dashes both years.
  14. “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of the result, printed negative.

Balance sheet

Balance sheet, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Actif immobilisé 699,430 745,992
Écarts d’acquisition - Actif1 –2 295,102
Immobilisations incorporelles 270,230 3,138
Immobilisations corporelles 427,933 446,531
Immobilisations financières3 1,267 1,221
Titres mis en équivalence4 –2 –2
Actif circulant5 590,909 610,302
Stocks et en-cours 27,433 23,569
Clients et comptes rattachés6 483,509 357,564
Impôt différé – Actif 54,368 43,049
Valeurs mobilières de placement 25,599 186,120
Trésorerie - Actif 80,402 52,801
TOTAL ACTIF 1,370,741 1,409,095
Financement permanent7 674,736 707,949
Capitaux propres 342,031 358,564
Capitaux propres - part du Groupe 243,479 362,360
Capital social ou personnel 122,598 122,598
Primes 42,438 42,438
Réserves consolidées8 22,239 150,702
Résultat net de l’exercice - part du Groupe9 56,204 46,622
Intérêts minoritaires 98,552 (3,796)
IM / Résultat10 (40,121) (22,623)
IM / Réserves consolidées11 138,673 18,827
Provisions pour risques et charges12 8,302 6,498
Dettes de financement13 324,403 342,887
Passif circulant14 604,915 680,569
Fournisseurs et comptes rattachés15 291,337 304,746
Autres dettes16 281,273 339,282
Impôt différé – Passif 2,122 –17
Autres Provisions18 30,183 36,541
Trésorerie - Passif19 91,090 20,577
TOTAL PASSIF 1,370,741 1,409,095
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.native.co_wa89gaa6jkxv.current_liabilities_excl_bank.
Notes and alternative reported figures (17)
  1. “Écarts d’acquisition - Actif” is an issuer-specific line, not mapped to a shared definition: Goodwill (nil in 2025 after reallocation to intangible assets, note 2.3).
  2. “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Non-current financial assets (note 2.4).
  3. “Titres mis en équivalence” is an issuer-specific line, not mapped to a shared definition: Equity-accounted investments (dashes both years).
  4. “Actif circulant” is an issuer-specific line, not mapped to a shared definition: Printed 'Actif circulant': stocks, receivables, deferred tax assets and marketable securities; cash (trésorerie-actif) is printed separately.
  5. “Clients et comptes rattachés”: mapping to a shared definition is uncertain. Trade receivables and related accounts; no other receivables line is printed.
  6. “Financement permanent” is an issuer-specific line, not mapped to a shared definition: Printed subtotal 'Financement permanent': equity (with minority interests), provisions for risks and charges and financing debt.
  7. “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves, group share.
  8. “Résultat net de l’exercice - part du Groupe” is an issuer-specific line, not mapped to a shared definition: The year's group-share result within equity.
  9. “IM / Résultat” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of the year's result, within 'Intérêts minoritaires'.
  10. “IM / Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of consolidated reserves, within 'Intérêts minoritaires'.
  11. “Provisions pour risques et charges” is an issuer-specific line, not mapped to a shared definition: Long-term provisions for risks and charges, within 'Financement permanent' (note 2.6).
  12. “Dettes de financement”: mapping to a shared definition is uncertain. 'Dettes de financement' (financing debt, within 'Financement permanent'); current maturities are not separated.
  13. “Passif circulant” is an issuer-specific line, not mapped to a shared definition: Printed 'Passif circulant': suppliers, other debts, deferred tax liabilities and other provisions; trésorerie-passif printed separately.
  14. “Fournisseurs et comptes rattachés”: mapping to a shared definition is uncertain. Suppliers and related accounts; other debts are printed separately.
  15. “Autres dettes” is an issuer-specific line, not mapped to a shared definition: Other current debts (note 2.7).
  16. “Autres Provisions” is an issuer-specific line, not mapped to a shared definition: Other (current) provisions (note 2.6).
  17. “Trésorerie - Passif”: mapping to a shared definition is uncertain. Trésorerie-passif (bank credit balances, mainly at Africa Morocco Links per the management report); deducted from cash in the cash-flow statement.

Cash flow

Cash flow, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Capacité d’autofinancement des sociétés intégrées1 92,179 63,560
Résultat net des sociétés intégrées2 16,083 23,999
Dotations d’exploitation3 138,511 108,113
Variation des impôts différés4 (11,800) (10,980)
Plus-values de cessions, nettes d’impôt5 (50,615) (57,572)
Quote-part dans le résultat des sociétés mises en équivalence6 –7 –7
Coût de l’endettement financier net8 13,870 9,946
Variation du besoin en fonds de roulement lié à l’activité9 (207,585) 279,573
Flux net de trésorerie généré par l’activité (101,536) 353,079
Acquisition d’immobilisations10 (96,434) (157,973)
Cessions d’immobilisations, nettes d’impôt11 54,174 62,126
Acquisition des titres de participation12 –13 (307,000)
Cession des titres de participation14 –13 –13
Prêts & avances consentis15 (281) (407)
Intérêts financiers versés16 (13,870) (9,946)
Flux net de trésorerie liés aux opérations d’investissement (56,411) (413,200)
Dividendes versés aux actionnaires de la société mère (30,651) (18,389)
Dividendes versés aux minoritaires des sociétés intégrées17 –18 –18
Variation de capital et fonds d’établissement19 638 Not reported in this filing20
Subventions d’investissements reçues21 –18 14,485
Emissions d’emprunts 81,161 300,000
Remboursements d’emprunts (99,645) (38,713)
Flux net de trésorerie lié aux opérations de financement (48,498) 257,383
Incidence des variations de périmètre & Incidence des variations22 3,011 14,073
Variation de trésorerie (203,434) 211,335
Trésorerie d’ouverture 218,344 7,009
Trésorerie de clôture 14,911 218,344
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_wa89gaa6jkxv.cf_self_financing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (19)
  1. “Capacité d’autofinancement des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal (self-financing capacity).
  2. “Résultat net des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Net result at the head of the self-financing capacity.
  3. “Dotations d’exploitation” is an issuer-specific line, not mapped to a shared definition: Non-cash add-back.
  4. “Variation des impôts différés” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  5. “Plus-values de cessions, nettes d’impôt” is an issuer-specific line, not mapped to a shared definition: Disposal gains eliminated from the self-financing capacity (printed positive; deducted).
  6. “Quote-part dans le résultat des sociétés mises en équivalence” is an issuer-specific line, not mapped to a shared definition: Dashes both years.
  7. “Coût de l’endettement financier net” is an issuer-specific line, not mapped to a shared definition: Net finance cost added back within operating flows (paid within investing flows).
  8. “Variation du besoin en fonds de roulement lié à l’activité” is an issuer-specific line, not mapped to a shared definition: Change in working capital, printed as the change in the requirement (an increase printed positive) and deducted.
  9. “Acquisition d’immobilisations”: mapping to a shared definition is uncertain. Acquisitions of fixed assets, tangible and intangible not distinguished.
  10. “Cessions d’immobilisations, nettes d’impôt” is an issuer-specific line, not mapped to a shared definition: Investing: proceeds of fixed-asset disposals, net of tax.
  11. “Acquisition des titres de participation” is an issuer-specific line, not mapped to a shared definition: Investing.
  12. “Cession des titres de participation” is an issuer-specific line, not mapped to a shared definition: Investing (dashes both years).
  13. “Prêts & avances consentis” is an issuer-specific line, not mapped to a shared definition: Investing.
  14. “Intérêts financiers versés” is an issuer-specific line, not mapped to a shared definition: Interest paid, presented by the issuer within investing flows.
  15. “Dividendes versés aux minoritaires des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Financing (dashes both years).
  16. “Variation de capital et fonds d’établissement” is an issuer-specific line, not mapped to a shared definition: Financing (2025 only; 2024 cell blank).
  17. Not reported in this filing: Not printed for 2024: the line 'Variation de capital et fonds d’établissement' carries a 2025 amount (638) only; the 2024 column is left blank (p66, checked on the page image).
  18. “Subventions d’investissements reçues” is an issuer-specific line, not mapped to a shared definition: Financing.
  19. “Incidence des variations de périmètre & Incidence des variations” is an issuer-specific line, not mapped to a shared definition: Effect of scope and accounting-policy changes, included by the issuer in the printed change in cash.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)21 45.84 38.03
Profit / (loss) attributable to shareholders (MAD thousands)3 56,204 46,622
Shares in issue at year end (shares)54 1,225,978 1,225,978
Notes and alternative reported figures (5)
  1. “Résultat par action en dirhams”: mapping to a shared definition is uncertain. Printed 'Résultat par action en dirhams' (group share of result over the number of shares); basic or diluted not stated.
  2. Earnings / (loss) per share: printed as “Résultat par action en dirhams”.
  3. Profit / (loss) attributable to shareholders: printed as “Résultat Net Part du Groupe”.
  4. “Nombre d’actions”: mapping to a shared definition is uncertain. Printed 'Nombre d'actions' 1 225 978 (both years); period-end or weighted not stated.
  5. Shares in issue at year end: printed as “Nombre d’actions”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividendes versés aux actionnaires de la société mère (30,651) MAD thousands Annual report, p66
31 Dec 2024 Dividends paid (cash flow statement) Dividendes versés aux actionnaires de la société mère (18,389) MAD thousands Annual report, p66

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • CTM — Rapport Financier Annuel 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: Deloitte Audit and Forvis Mazars (commissaires aux comptes), unmodified opinion · signed

    Auditor's sign-off: Deloitte Audit (Sakina Bensouda Korachi, associée); Forvis Mazars (Adnane Loukili, associé)

    Final status: The commissaires aux comptes' 'Rapport d'audit sur les états financiers consolidés, exercice du 1er janvier au 31 décembre 2025' is reproduced as a scanned image (PDF pp74-75, no text layer): unmodified opinion (consolidated equity KMAD 342 031 including consolidated net profit KMAD 16 083, matching p65-66), one key audit matter (valuation of intangible assets after reallocation of goodwill to a maritime licence), dated 'Casablanca, le 29 avril 2026' and signed by hand with stamps for Deloitte Audit (Sakina Bensouda Korachi, associée) and Forvis Mazars (Adnane Loukili, associé) (page image p75). No board approval date for the consolidated statements is printed; the board's management report is dated 'Fait à Casablanca, le 30 mars 2026' (p45).

    Document date
    29 Apr 2026
    Auditor's report
    29 Apr 2026
    Board approval
    date not found in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · MAD thousands (printed “En milliers de dirhams”)
    • Directory name 'CTM'; printed legal name 'Compagnie de Transports au Maroc « C.T.M. » S.A.', R.C. Casablanca n° 30.831, capital 122 597 800,00 dirhams (p80); the share count 1 225 978 (p66) matches. Same legal entity.
    • Moroccan layout: 'Actif circulant' excludes trésorerie-actif and 'Passif circulant' excludes trésorerie-passif (both printed separately); 'Financement permanent' includes equity, so no total-liabilities, current-assets or current-liabilities line as defined is printed. Charges in the compte de produits et charges and the income tax are printed positive and deducted. In the cash-flow statement, 'Plus-values de cessions, nettes d'impôt' is printed positive but deducted from the self-financing capacity, the working-capital change is printed as the change in the requirement (2025: 207 585 deducted; 2024: (279 573) added), the net finance cost is printed after the self-financing capacity and added in the operating flow, and interest paid is shown within investing flows. Cash in the cash-flow statement equals trésorerie-actif plus valeurs mobilières de placement less trésorerie-passif (2025: 80 402 + 25 599 - 91 090 = 14 911; 2024: 52 801 + 186 120 - 20 577 = 218 344).
    • Rounding: the printed financing flow (48 498) differs by 1 from its printed components (-30 651 + 638 + 81 161 - 99 645 = -48 497), and opening cash 218 344 plus the change (203 434) gives 14 910 against the printed closing 14 911 (page image p66).
    • Annual financial report with company CGNC statements (pp46-64) and consolidated statements under Moroccan CNC rules (pp65-71); auditors' reports as scanned images (pp72-75). The consolidated set is transcribed.
    Technical details
    File
    80 pages, with a text layer
    SHA-256
    025e124fb8b931715d81e66c70bb987a93c600f65c268dd936a6136e2307d3c4
    Entity as printed
    Compagnie de Transports au Maroc « C.T.M. » S.A. et ses filiales (Groupe C.T.M.) (p74); R.C. Casablanca n° 30.831 (p80)
    Regulator copy
    retrieved 2026-10-08T18:20:52Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (16 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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