Burkina Faso: Moov’s net profit grew by 10.7% in the 1st quarter
May 14th 2024
Moov Africa Burkina Faso reported a net profit of 5.2 billion CFA francs ($8.5 million) in the first quarter of 2024. This represents an increase of 10.7% compared to 4.7 billion FCFA in the first three months. of 2023. The mobile telephone company attributes this performance in particular to its investment strategy aimed at improving the quality of service, the experience of its customers and popularizing access to fiber throughout the country.
Over the period, the turnover of the Burkinabè subsidiary of the Maroc Telecom Group increased from 34.6 billion FCFA to 35.1 billion FCFA. “ The improvement in turnover compared to 2023 is essentially linked to the good performance of revenues generated by mobile Internet thanks to the very high speeds offered to customers and a very good quality of connectivity supported mainly by FTTH fiber [fiber to the home, Editor’s note],” explained the telecoms company.
At the end of the first three months of the year, Moov Africa Burkina Faso deplores a local context marked by the strengthening of competitive intensity, tax pressure, the security challenge and an increase in the prices of certain costs such as energy. To overcome its challenges and continue its growth, the company had set itself the objective of continuing its investment efforts in 2024 through an ambitious program of extension and modernization of the mobile, Internet and very high-speed network.
As of March 31, 2024, Moov Africa had 11.8 telephone subscribers (fixed and mobile) and 7.2 million Internet service subscribers. The Regulatory Authority for Electronic Communications and Posts (ARCEP) gives it a market share of 42.91% in the third quarter of 2023. Its competitors Orange and Telecel respectively controlled 45.85% and 11.24% of the national fleet of mobile telephone subscribers.
Source: Agency EcoFin
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