Morocco: Maroc Telecom posts sales of $ 2.8 billion, up 4.3% over the first nine months of 2018

Maroc Telecom (IAM) has published its financial results for the nine months ended 30 September 2018, reporting a 4.3% increase in revenues from MAD26.02 billion (USD2.74 billion) to MAD27.14 billion, attributed to a ‘sharp’ 5.1% growth in sales in its domestic market and a 2.4% increase in revenues generated by the group’s international operations. Meanwhile, the telco’s nine-month EBITDA increased by 4.0% year-on-year to MAD13.47 billion, on the back of a 5.2% growth in pre-tax earnings from domestic operations, and a 1.8% increase in its subsidiaries’ EBITDA. IAM’s consolidated earnings from operations reached MAD8.46 billion in 9M18, a 4.0% increase y-o-y, while the group’s share of net income amounted to MAD4.61 billion, up by 2.9% when compared to 9M17.

In operational terms, the group reported annualised growth of 8.4% for its consolidated customer base, with the total passing the 61 million mark at end-September 2018. In Morocco, wireless subscribers increased by 4.1% y-o-y to reach 19.67 million, up from 18.90 million in 3Q17; the telco’s 3G/4G user base passed 11.41 million, while broadband customers increased by 10.2% y-o-y to 1.45 million. In Togo, wireless accesses increased by 18.2% to 3.29 million, while Niger saw a sizeable 18.1% y-o-y rise in mobile subscribers to 2.35 million at 30 September. Furthermore, mobile subscriber growth was also reported in Mali (7.87 million, up 15.7%), Mauritania (2.39 million, 11.8%), Benin (4.33 million, 11.1%) and Cote d’Ivoire (8.22 million, 8.3%), although Gabon and the Central African Republic (CAR) both reported annual declines of 2.9%, down to 1.58 million (Gabon) and 136,000 (CAR) subscribers, respectively.

Source: Agence Ecofin