FinanceMore Africa NewsMaroc Telecom reports growth in revenues, EBITDA in 9M 2019

October 23, 2019by myles

Maroc Telecom (IAM) has published its financial results for the nine months ended 30 September 2019, reporting a 0.6% increase in revenues from MAD27.137 billion (USD2.8 billion) to MAD27.308 billion, attributed to a 1.3% increase in sales generated by the group’s domestic operation, which was partly offset by a 1.3% decline in revenues in its international markets. The telco’s nine-month EBITDA increased by 6.9% year-on-year to MAD14.398 billion, fuelled by a 9.2% growth in pre-tax earnings from domestic operations, despite a 1.4% decrease in its subsidiaries’ EBITDA contribution. IAM’s consolidated earnings from operations reached MAD8.989 billion in 9M19, a 6.2% increase y-o-y, while the group’s share of adjusted net income amounted to MAD4.647 billion, up by 0.8% when compared to 9M18. CAPEX including frequencies and licence costs amounted to MAD4.605 million at the end of September 2019, down 1.0% y-o-y. The group also disclosed that it inked its sixth agreement with the government, under which the company commits to implement a programme of capital expenditure of MAD10 billion over the next three years (2019-2021).

In operational terms, the group reported annualised growth of 10.6% for its consolidated customer base, with the total reaching 67.6 million connections at end-September 2019. In Morocco, wireless subscribers increased by 3.1% y-o-y to reach 20.281 million, up from 19.670 million in 3Q18; the telco’s 3G/4G user base passed 12.328 million (up by 8.1% y-o-y), while broadband customers increased by 6.5% y-o-y to 1.548 million. In Niger, wireless accesses increased by 20.9% to 2.846 million, while Togo saw a sizeable 12.2% y-o-y rise in mobile subscribers to 3.689 million at 30 September. Furthermore, mobile subscriber growth was also reported in Cote d’Ivoire (9.030 million, up 9.9%), Mauritania (2.440 million, 2.0%), Burkina Faso (8.294 million, 9.4%), Benin (4.549 million, 5.0%) and Central African Republic (160,000, 17.7%), while Mali reported an annual decline of 6.1% (7.395 million). Tigo Chad, which was consolidated in July 2019, reported 3.431 million users at 30 September 2019.

Abdeslam Ahizoune, Chairman of IAM’s Management Board, commented: ‘Maroc Telecom group maintains its growth trend with increased revenues, from data in particular, and its margin improvement thanks to cost optimisation. These results strengthen the Group in achieving its annual objectives and confirm the profitability and the relevancy of its business model.’

Source: TeleGeography

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