Morocco: Maroc Telecom reports improved financials in domestic unit in 1Q18

Maroc Telecom (IAM), the country’s leading telco in terms of subscribers, has published its financial results for the three months ended 31 March 2018, reporting a 3.5% increase in revenues, from MAD8.52 billion (USD917 million) to MAD8.99 billion. The development was attributed to a 4.6% growth in sales in its domestic market and a 4.9% increase in revenues generated by the group’s international operations. Meanwhile, the telco’s EBITDA increased by 4.1% year-on-year in the period under review, to MAD4.48 billion, with this attributed to a 2.8% growth in EBITDA from the company’s international operations, and return to growth (4.8%) in the Moroccan unit’s EBITDA. IAM’s consolidated earnings from operations reached MAD2.86 billion in 1Q18, a ‘sharp’ 8.0% increase y-o-y, while the group’s share of net income amounted to MAD1.58 billion, up by 5.6% when compared to 1Q17.

In operational terms, the group reported annualised growth of 7.8% for its consolidated customer base, with the total nearly reaching the 59 million mark at end-March 2018. In Morocco, wireless subscribers increased by 2.1% y-o-y to reach 18.76 million, up from 18.37 million in 1Q17; the telco’s 3G/4G user base grew by 20.4% to 9.71 million, while broadband customers increased by 8.8% y-o-y to 1.40 million. In Niger, wireless accesses increased by 37.5% to 2.23 million, while Togo saw a 19.2% y-o-y rise in mobile subscribers to 3.0 million at 31 March. Furthermore, mobile subscriber growth was also reported in Mali (7.78 million, up 13.9%), Benin (4.28 million, 13.4%), Cote d’Ivoire (7.82 million, 11.6%) and Mauritania (2.19 million, 7.2%), while Gabon reported an annual decline of 12.0% (1.51 million).

Source: TeleGeography