Maroc Telecom achieves modest growth, good sub-Saharan performance

29 Jul 2009

Moroccan incumbent Maroc Telecom has reported its consolidated group results for the first half of 2009. Revenues were up 1.9% year-on-year to MAD14.6 billion (USD1.84 billion) in the six months ended 30 June, whilst EBITDA rose 1.0% to MAD8.6 billion and net income attributable to the group climbed 2.6% to MAD 4.6 billion. The total customer base reached 19.6 million at mid-year, up by 5.3% from June 2008, with growth fuelled by subsidiaries in sub-Saharan Africa which saw their combined customer bases increase by 44.1% year-on-year to 3.2 million customers. In the second quarter revenues stood at MAD7.46 billion, up 1.8% versus the same period last year. The results incorporate Maroc Telecom’s domestic fixed line, broadband and mobile operations, and its subsidiaries Mauritel (Mauritania), Onatel (Bukina Faso) and Gabon Telecom (including cellco Libertis) as well as the Mobisud France and Mobisud Belgium MVNO companies. Mobisud France was withdrawn from Maroc Telecom’s consolidated financials as from 1 June 2009. The Moroccan operator also released a 2009 full year outlook, predicting revenue growth of around 2% and an operating margin of around 45% (compared to 44.9% in 1H).

Morocco,Maroc Telecom (IAM),

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