Maroc Telecom 1H15 top-line boosted by Moov consolidation

23 Jul 2015

Maroc Telecom has reported consolidated revenues of MAD16.583 billion (USD1.670 billion) for the six-month period ended 30 June 2015, up 13.9% on an annualised basis, chiefly due to the consolidation of the six Moov-branded units into its results. As previously reported by TeleGeography’s CommsUpdate, the acquisition of the companies – from Maroc Telecom’s controlling shareholder Etisalat – closed on 26 January this year.

However, 1H15 revenues remained stable on a like-for-like basis, with a 2.0% decline in sales in Morocco being offset by a 5.3% increase in turnover at Maroc’s international subsidiaries. EBITDA for H1 2015 amounted to MAD8.413 billion, up 4.7% year-on-year, but down 0.8% on a like-for-like basis. Meanwhile, net income for the first six months of this year was down 8.0% compared to the first half of 2014, owing to the business decline in Morocco and costs related to the acquisition of new subsidiaries – despite the increased contribution of the new African subsidiaries, which improved 12.4% on a like-for-like basis.

In operational terms, Maroc Telecom reported a consolidated customer base of almost 51 million at 30 June 2015, up 32% y-o-y following the consolidation. Maroc Telecom’s domestic mobile unit contributed the lion’s share of the subscriber total meanwhile, reporting 18.08 million users as of mid-2015.

Abdeslam Ahizoune, chairman of Maroc Telecom’s management board, commented: ‘Maroc Telecom Group confirmed its solid results, again demonstrating its ability to withstand attempts leading to value destruction against a backdrop of fierce competition … The successful operational consolidation of its new subsidiaries is supported by the launch of a major network densification and modernisation programme to encourage profitable, sustainable and robust growth’.

Morocco,Maroc Telecom (IAM),

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