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Maroc Telecom accelerates growth in Q3

Maroc Telecom accelerates growth in Q3

Maroc Telecom Group recorded third-quarter revenues up 4.8 percent on a like-for-like basis, thanks to a return to growth in Morocco (+3.3%) and accelerating International growth (+8.7%). Its customer base reached 51 million at 30 September, up 29 percent year-on-year, thanks to the acquisition of new subsidiaries from its parent Etisalat. EBITDA was up 5.1 percent on a like-for-like basis thanks to Morocco’s EBITDA resumed growth (+1.6%) and the strong increase in International EBITDA (+13.2%). 

Over the first nine months of the year, revenues rose 16.6 percent to MAD 25.5 billion, and EBITDA was up 6.2 percent to MAD 12.76 billion. On a comparable basis, the figures were up 1.7 and 1.0 percent respectively. Net profit fell 6.2 percent to MAD 4.32 billion due to higher costs for the acquisition and consolidation of the new subsidiaries. Operating cash flow in the year to date was MAD 7.03 billion, 9.4 percent less than the same period the previous year as a result of the payment of the 4G licence in Morocco (MAD 910 million) and the renewal of the 2G licence in Mauritania for MAD 301 million. Excluding licences, cash flow was up 6.2 percent, as the 61 percent increase at the International activities more than offset the 12 percent decrease in Morocco. 

The Group’s International activities posted revenues of MAD 10.22 billion, up 60.3 percent as a result of the group’s broader scope and up by 6.5 percent on a like-for-like basis. The historical subsidiaries increased revenue 7.9 percent at constant exchange rates, and the newly acquired subsidiaries grew by 4.6 percent on the same basis. Third-quarter revenues from the International activities were up 8.7 percent, driven by the acceleration in growth at the new subsidiaries (+11.4%), impelled mainly by strong performance in the Ivory Coast and Niger. 

The operator reiterated its outlook for full-year results to show stable revenues on a comparable basis, a small drop in EBITDA and capital expenditure at around 20 percent of revenues. The company said it will continue to invest in fixed and mobile broadband in order to support further growth. 

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