Maroc Telecom's revenue up by 6% in 1H16

25 Jul 2016

Maroc Telecom (IAM), the country’s leading telco in terms of subscribers, has published its financial results for the six months ended 30 June 2016, reporting a 6.1% increase in revenues, from MAD16.583 billion (USD818 million) to MAD17.593 billion. The improvement was driven by the group’s international operations, which grew by 17.1% year-on-year (10.9% on a comparable basis), and a marginal growth in the group’s domestic market (1.7%). Meanwhile, Maroc Telecom’s EBITDA increased by 1.3% in the period under review, to MAD8.525 billion; on a like-for-like basis EBITDA increased 0.7%, with the progress attributed to an 1.9% decline in the Moroccan unit’s EBITDA, although this was partly compensated by a 6.1% growth in EBITDA from the company’s international operations. Maroc Telecom’s consolidated earnings from operations reached MAD5.603 billion at 30 June 2016, a 4.7% increase y-o-y, while group’s share of net income amounted to MAD2.918 billion, up by 3.2% when compared to H1 2015.

In operational terms, Maroc Telecom reported annualised growth of 4.4% for its consolidated customer base, with the total number of customers passing the 53 million mark at end-June 2016. In Morocco, wireless subscribers marginally increased by 0.5% y-o-y to reach 18.179 million, up from 18.080 million in June 2015; the telco’s 3G/4G user base grew by 27.5% to 6.944 million, while broadband customers increased by 12.0% y-o-y to 1.197 million. In Niger, wireless numbers increased by 68.1% to 1.087 million users, while Cote d’Ivoire saw 27.4% increase in mobile subscribers y-o-y to 5.646 million by 30 June. Further, mobile subscriber increases were also seen in Benin (3.614 million, up 20.6%), Gabon (1.215 million, 17.1%), Burkina Faso (7.056 million, 10.6%) and Togo (2.184 million, 8.7%), though Mali reported a 15.3% annual decline in its wireless subscription base to 8.091 million.

Abdeslam Ahizoune, chairman of Maroc Telecom’s management board, stated: ‘The performance in the first half of the year shows the relevance of the strategic choices of the Maroc Telecom Group in terms of its international diversification investment policies; the African subsidiaries are in strong growth and contribute more and more to the group’s results. Even in Morocco, revenue growth is confirmed. To consolidate its leadership, and anticipate its customers’ expectations, the Group continues its important programme of investment specifically in ultra-high speed mobile and fixed line services and network quality.’