Maroc Telecom (IAM) has published its financial results for the three months ended 31 March 2021, reporting a 4.2% decrease in revenues from MAD9.309 billion (USD1.04 billion) to MAD8.914 billion, attributed to a 9.5% drop in mobile revenues generated by the group’s domestic unit, which was partly offset by an increase in fixed broadband revenues in Morocco and growth in its international operations. The telco’s three-month EBITDA decreased by 4.9% year-on-year to MAD4.561 billion, mainly due to a 10.1% decline in pre-tax earnings from domestic operations, which was partly offset by a 3.6% increase in its subsidiaries’ EBITDA. IAM’s consolidated earnings from operations reached MAD2.746 billion in 1Q21, a 5.7% decrease y-o-y, while the group’s share of net income amounted to MAD1.474 billion, down by 7.7% when compared to 1Q20. CAPEX excluding frequencies and licences amounted to MAD418 million at the end of March 2021, down by 20.7% y-o-y.
In operational terms, the group reported annualised growth of 6.8% for its consolidated customer base, with the total passing 73 million at end-March 2021. In Morocco, wireless subscribers decreased by 3.2% y-o-y to reach 19.335 million, down from 19.972 million in 1Q20; the telco’s 3G/4G user base passed 10.841 million, while broadband customers increased by 9.2% y-o-y to 1.750 million. In Mali, wireless accesses increased by 24.4% to 9.567 million, while Chad saw a sizeable 13.4% y-o-y rise in mobile subscribers to 4.766 million at 31 March. Furthermore, mobile subscriber growth was also reported in Belin (4.811 million, 11.9%), Burkina Faso (9.708 million, up 10.6%), Cote d’Ivoire (10.071 million, 9.5%), Central African Republic (192,000, 8.2%), Mauritania (2.667 million, 7.3%), Togo (3.184 million, 3.0%) and Gabon (1.585 million, 0.7%), while Niger reported an annual decline of 1.1% to 3.048 million subscribers.