Rabat – Maroc Telecom, Morocco’s largest telecommunication operator, announced positive financial results at the end of September 2022, with a 0.3% rise in revenues.
The company’s revenues exceeded MAD 9 billion ($842 million), a 2.6% increase compared to the results from Q3 2021, according to a financial statement published on Tuesday.
Over the first nine months of 2022, Maroc Telecom’s cumulative revenues reached MAD 26.8 billion ($2.4 billion), marking a 0.1% increase from last year’s MAD 26.7 billion ($2.4 billion).
The positive results are thanks to the robust activities during summer, the company explains in the statement.
In addition to the positive results from domestic activities, the group’s operations in Africa contributed significantly to the rise in quarterly revenues.
The group’s revenues from overseas operations rose by 1.0% to nearly MAD 13 billion ($1.1 billion) thanks to positive results from mobile data services – revenues from mobile data activities rose by around 29.1%.
Despite decreased activities from call termination operations, Maroc Telecom’s subsidiaries’ revenues increased by 2.5% year-on-year.
While the company maintains that its profits are still in the green, a market research firm released a document in August warning that the group’s revenues could drop flat in 2023, with only a 1% increase in projected profits.
BMCE Capital Global Research argues that Maroc Telecom is set to see declining profit mainly due to falling turnover from operations in Morocco.
Back in 2021, the group’s profits from operations in Morocco took a nosedive, dropping by 7.1% year-on-year, and the company lost 5.9% of market share to competition in the same year.
Since 2019, Maroc Telecom has seen a steady drop in profits, going from MAD 57 billion ($5.4 billion) in the first quarter of 2019 to MAD 45 billion ($4.2 billion) three years later.
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