Doha – Maroc Telecom, Morocco’s leading telecommunications operator, reported a slight decline of 0.4% in its 2024 net profit to MAD 6.14 billion ($614 million), while maintaining growth in consolidated revenue amid continued investments in high-speed fixed broadband infrastructure.
The group’s consolidated revenue reached MAD 36.7 billion ($3.67 billion), marking a 1.2% increase, primarily driven by a 4.6% revenue growth from its Moov Africa subsidiaries, which generated MAD 18.7 billion ($1.87 billion).
The African operations showed strong performance across segments, with mobile data growing 15.6%, fixed internet expanding 21.1%, and Mobile Money services rising 14.4%.
In its domestic market, Maroc Telecom’s fixed-line segment grew by 2.3%, supported by a 29% expansion in its FTTH (Fiber to the Home) customer base.
However, the mobile segment faced challenges, with the total mobile subscriber base declining 3.1% to 19.1 million customers.
While postpaid subscriptions increased by 5.0%, prepaid services saw a 4.3% decrease.
The group’s adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached MAD 19.2 billion ($1.92 billion), showing a modest 0.3% increase, with the EBITDA margin remaining strong at 52.3%.
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The adjusted operating income (EBITA) grew by 0.7% to MAD 12.2 billion ($1.22 billion).
Capital expenditure in 2024 amounted to MAD 11.2 billion ($1.12 billion), representing 20.8% of revenue, excluding licenses and frequencies.
The group’s net debt increased by 37.1% to MAD 22.4 billion ($2.24 billion), resulting in a debt-to-EBITDA ratio of 1.1x.
The company’s total customer base expanded by 4.5% to reach 79.3 million subscribers, primarily driven by an 8.1% growth in African operations.
Maroc Telecom, which is 53% owned by UAE’s Etisalat and 22% by the Moroccan state, announced a dividend of MAD 1.43 ($0.143) per share, totaling MAD 1.26 billion ($126 million).
The group maintains operations across ten African countries besides Morocco, including Benin, Burkina Faso, Central African Republic, Chad, Gabon, Ivory Coast, Mali, Mauritania, Niger, and Togo.
Looking ahead to 2025, Maroc Telecom anticipates moderate revenue growth and plans to maintain capital expenditure at approximately 20% of revenue, focusing on infrastructure modernization and high-speed broadband expansion.
