Morocco: Maroc Telecom’s revenue down by 3% in 1H21
July 28th 2021
Maroc Telecom (IAM) has published its financial results for the six months ended 30 June 2021, reporting a 2.9% decrease in revenues from MAD18.323 billion (USD2.02 billion) to MAD17.780 billion, attributed to a 7.1% drop in mobile revenues generated by the group’s domestic unit, which was partly offset by growth in its international operations (up 2.5% annually). The telco’s six-month adjusted EBITDA decreased by 4.6% year-on-year to MAD9.160 billion, mainly due to a 9.9% decline in pre-tax earnings from domestic operations, which was partly offset by a 4.2% increase in its subsidiaries’ EBITDA. IAM’s consolidated earnings from operations reached MAD5.571 billion in 1H21, a 5.7% decrease y-o-y, while the group’s share of net income amounted to MAD2.832 billion, down by 5.8% when compared to 1H20. CAPEX excluding frequencies and licences amounted to MAD2.115 billion at the end of June 2021, up by 78.4% y-o-y.
In operational terms, the group reported annualised growth of 7.5% for its consolidated customer base, with the total standing at 73.6 million at mid-2021. In Morocco, wireless subscribers marginally increased by 0.3% y-o-y to reach 19.633 million, up from 19.572 million in 1H20; the telco’s 3G/4G user base passed 10.979 million, while broadband customers increased by 3.3% y-o-y to 1.745 million. In Mali, wireless accesses increased by 18.1% to 9.341 million, while Chad saw a sizeable 14.7% y-o-y rise in mobile subscribers to 4.849 million at 30 June. Furthermore, mobile subscriber growth was also reported in Gabon (1.710 million, up 21.0%), Belin (4.893 million, 12.8%), Burkina Faso (9.954 million, 11.5%), Cote d’Ivoire (10.014 million, 8.5%), Central African Republic (217,000, 17.9%), Mauritania (2.706 million, 12.8%) and Niger (3.078 million, 3.3%), while Togo reported an annual decline of 4.9% to 2.955 million subscribers.
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