Domestic operations weigh on Maroc Telecom’s 2012 results

22 Feb 2013

Maroc Telecom has posted revenues of MAD29.9 billion (USD3.6 billion) for 2012, down 3.2% year-on-year as growth from its international operations failed to offset a 7.4% decline in sales domestically. EBITDA slipped 1.7% to MAD16.7 billion while net income attributable to shareholders fell 17% to MAD6.7 billion in the wake of restructuring charges and a non-recurring contribution to the government. Despite the relatively poor performance in Morocco, the company’s other African operations enjoyed strong revenue growth, with sales in Gabon up 23%, Mali up 19.3%, Burkina Faso up 14.3% and Mauritania up 14.1%. An impressive 30% hike in international subscribers to 13.1 million helped Maroc Telecom’s overall group subscriber base to grow by 13.5% to 33 million.

In its guidance for 2013, the telco stated that it aims to maintain its EBITDA margin at around the 2012 level of 56%. After posting an 8.5% increase in operating cash flow in 2012, Maroc Telecom expects a similar or slightly smaller rise in 2013.

Morocco, Maroc Telecom,

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