Maroc Telecom Group Reports Profits Of Over $302 Million

Maroc Telecom Group, the leading telecommunications provider in Morocco, has announced its financial results for the first half of 2023, showcasing strong performance and solid growth. The adjusted net result for the period reached an impressive MAD 2.93 billion ($302.3 million), marking a notable increase of 2.3 percent at constant exchange rates, the Moroccan state media reported.

Rabat – Maroc Telecom Group, the leading telecommunications provider in Morocco, has announced its financial results for the first half of 2023, showcasing strong performance and solid growth. The adjusted net result for the period reached an impressive MAD 2.93 billion ($302.3 million), marking a notable increase of 2.3 percent at constant exchange rates, the Moroccan state media reported.

During the first six months of 2023, the Group’s adjusted and enhanced operating output reached MAD 6.05 billion ($624.3), indicating an impressive growth of 5.4 percent (3.4 percent at constant exchange rates). Notably, the exploitation margin witnessed a rise of 0.4 points, reaching 32.9 percent, highlighting the company’s effective management strategies, the report added.

Maroc Telecom Group’s “Operating Output before Depreciation and Amortization” (EBITDA) also demonstrated a positive trend, surging by 4.5 percent (2.3 percent at constant exchange rates) to 9.58 billion mad ($988.6 million). The company attributed this growth to several factors, including increased revenue, the positive impact of reduced mobile end-of-service rates in certain branches, and the successful control of operational costs.

Maroc Telecom Group’s investments during the first half of 2023 amounted to MAD 2.94 billion ($303.4million), excluding frequencies and license, which represented approximately 16 percent of the Group’s revenues. According to the company, this investment aligns with its annual forecast and underscores its commitment to expanding and enhancing its services.

While the company witnessed substantial growth in several key financial metrics, it reported an adjusted net cash flow (CFFO) of MAD 5.03 billion ($519 million) during h1 2023, marking a slight decrease of 5.4 percent compared to the same period in 2022 (7.5 percent at constant exchange rate). Despite the dip, Maroc Telecom remains optimistic about its strong financial position and ability to navigate market challenges effectively.

The positive financial performance during the first half of 2023 reflects Maroc Telecom Group’s commitment in recent years to delivering innovative, reliable, good-quality telecommunications services to its customers while maintaining a strong focus on financial sustainability and growth.