Subsidiaries in Sub-Saharan Africa supported Maroc Telecom’s revenue growth in 2023
February 18th 2024
The Moroccan telecoms group Itissalat Al Maghrib (Maroc Telecom) generated a consolidated turnover of 36.78 billion dirhams ($3.6 billion) in 2023, according to the company’s annual financial results published on Friday February 16. This performance represents an increase of 3% compared to 35.7 billion dirhams in 2022. It is mainly attributed to the growth in revenues of Moov Africa subsidiaries as well as that of fixed Internet activities in Morocco.
Maroc Telecom indicates that the turnover of its activities in sub-Saharan Africa increased by 6.6% to reach 18.38 billion dirhams in 2023. This increase was notably driven by the growth of mobile data of 22.6 %, the growth of fixed Internet of 11.3%, the increase in mobile money activities of 5% and the drop in call terminations.
In Morocco, Maroc Telecom records a turnover of 19.5 billion dirhams. The performance of fixed data, up 7.2%, offset the 1.3% drop in mobile revenues to ensure the stability of the company’s revenues.
The Moov Africa subsidiaries are becoming a major factor in the growth of Maroc Telecom while it is subject to strong competition in its domestic market which is becoming saturated. It is quite the opposite in sub-Saharan Africa where only 43% of the population had access to mobile services in 2022, according to the Global Association of Telephone Operators and Manufacturers (GSMA).
The region therefore presents strong potential for revenue growth in a context of accelerated digital transformation with ever-increasing demand.
Aware of the importance of its subsidiaries in sub-Saharan Africa, Maroc Telecom is increasing investments to make them more competitive. The group announced, in July 2023, that it had invested 150 million euros in the construction of a new submarine fiber optic cable called “West Africa” to connect its Moov Africa subsidiaries, as well as operators in the western region. -African to the international optical loop in Europe. It is also negotiating a €375 million loan from the IFC to support its activities in the region.
Source: Agency EcoFin
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