Morocco: Maroc Telecom reports drop in revenues, EBITDA in 9M21
November 4th 2021
Maroc Telecom (IAM) has published its financial results for the nine months ended 30 September 2021, reporting a 2.1% decrease in revenues from MAD27.498 billion (USD3 billion) to MAD26.786 billion, attributed to a 5.4% drop in mobile revenues generated by the group’s domestic unit, which was partly offset by growth in its international operations (up 1.3% annually). The telco’s nine-month adjusted EBITDA decreased by 3.7% year-on-year to MAD13.829 billion, mainly due to a 7.9% decline in pre-tax earnings from domestic operations, which was partly offset by a 3.3% increase in its subsidiaries’ EBITDA. IAM’s consolidated earnings from operations reached MAD8.504 billion in 9M21, a 2.4% decrease y-o-y, while the group’s share of net income amounted to MAD4.300 billion, down by 5.0% when compared to 9M20. CAPEX excluding frequencies and licences amounted to MAD3.687 billion at the end of September 2021, up by 81.5% y-o-y.
In operational terms, the group reported annualised growth of 3.3% for its consolidated customer base, with the total standing at 73 million at September 2021. In Morocco, wireless subscribers marginally increased by 1.6% y-o-y to reach 20.033 million, up from 19.711 million in 9M20; the telco’s 3G/4G user base passed 11.517 million, while broadband customers increased by 1.8% y-o-y to 1.739 million. In the Central African Republic, wireless accesses increased by 19.2% to 221,000, while Chad saw a sizeable 14.2% y-o-y rise in mobile subscribers to 4.919 million at 30 September. Furthermore, mobile subscriber growth was also reported in Burkina Faso (up 10.259 million, 12.9%), Benin (4.995 million, 10.0%), Mauritania (2.753 million, 7.1%), Niger (3.059 million, 5.9%), Gabon (1.605 million, 2.8%) and Cote d’Ivoire (9.877 million, 1.8%), while Togo and Mali reported annual declines of 4.9% (to 2.955 million subscriptions) and 6.5% (8.011 million) respectively.
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