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A key measure of profitability and economic performance, the net margin of fuel distributors accounts for all company expenses, including personnel costs, logistics, depreciation, and financial charges, and is calculated at the close of each fiscal period. In its Q1 2025 report and analysis of 2024 financial performance, the Competition Council disclosed the net margins of the nine oil distribution companies that finalized settlement agreements with the institution.
In 2024, the net margin averaged approximately 0.43 dirhams per liter for diesel and 0.61 dirhams for gasoline. In total, the fuel market covered by these nine operators generated nearly 2.3 billion dirhams in net profits, with overall revenues reaching around 77.9 billion dirhams.
Net Margins Up, But Still Below 2019–2021 Averages
The average net margin rate stood at 2.9% in 2024, significantly higher than the 1% average recorded over the 2022–2024 period, which translated to just 0.16 dirhams per liter for diesel and 0.31 for gasoline. However, 2024’s figure remains slightly below the 2019 (3.1%), 2020 (3.1%), and 2021 (3.4%) margins.
This recent improvement follows a period of financial strain for many distributors. In 2022, inflation and volatile international fuel prices sharply reduced net margins to 0.6%. In 2023, margins dropped further, reaching -0.5%, largely due to fines imposed by the Competition Council.
The Council reviewed three timeframes, 2018–2021, 2022–2024, and 2018–2024, to assess investment trends and net earnings. It noted strong fluctuations in net profits, reflecting a shifting market environment. Between 2018 and 2021, net earnings averaged nearly 1.8 billion dirhams. That figure dropped to 821 million dirhams during the 2022–2024 period, well below both the previous period and the 2018–2024 average of 1.38 billion dirhams.
Broader Profitability Across All Company Activities
Beyond fuel operations, the Council assessed overall company performance, including return on capital employed (ROCE), return on equity (ROE), overall profitability, and dividends. In 2024, profitability rebounded across the board. ROCE rose to 30% (up from a 22% average between 2018–2021), while ROE reached 29% (compared to 24% over the same period).
According to the Council, the per-liter profit margin among oil companies ranged between 1.46 and 2.07 dirhams in 2024.
The Council described 2024 as a «year of gradual transformation» for the fuel market. Although the number of companies authorized to import fuel remained stable at 31, the combined market share of the nine dominant operators fell from 89% in 2023 to 84% in 2024. New entrants such as BGN Energy Morocco and BB Energy have begun to gain ground.
