Maroc Telecom’s net income falls 1% on 2.8% revenue rise

23 Feb 2010

Moroccan full-service telco Maroc Telecom, majority-owned by France’s Vivendi, has posted a 1% year-on-year fall in 2009 net income to MAD9.43 billion (USD1.15 billion) on consolidated revenues that climbed by 2.8% to MAD30.34 billion, as it increased spending, especially in the mobile segment. Group EBITDA for the year rose by 2.9% to MAD18.15 billion.

Operations in Morocco generated net revenues of MAD25.76 billion in 2009, up 0.1% versus 2008, EBITDA of MAD16.16 billion, down 1.5%, and earnings from operations of MAD13.08 billion, down 3.5% year-on-year, chiefly due to the impact of promotional initiatives deployed to stimulate the market and maintain its leading position. Maroc Telecom’s domestic mobile subscriber base grew by 5.6% in twelve months to 15.27 million at end-December 2009, whilst it had 1.234 million Moroccan fixed lines in service at year-end, down 5% year-on-year, due mainly to shrinkage in the residential customer base (down 8.8%) resulting from mobile substitution. At end-December the telco had 469,000 ADSL subscribers, down 1.7% compared to the same date in 2008. However, it also signed up 174,000 3G/3.5G mobile broadband customers on its W-CDMA/HSPA-based cellular network by year-end, up from less than 30,000 a year earlier.

Group-wide, the operator had a total of 21.7 million customers at end-2009, up 12.6% year on year, reflecting the inclusion of Malian operator SOTELMA, the resurgence in domestic mobile growth and continued year-on-year expansion of other subsidiaries’ mobile customer bases in Gabon, Mauritania and Burkina Faso. A statement from the company read: ‘Based on current market conditions, and barring any unforeseen disruptions to the group’s operations, Maroc Telecom will achieve moderate growth in revenues in 2010, driven mainly by growth of subsidiaries.’

Morocco,Maroc Telecom (IAM),

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