Maroc Telecom Consolidated Turnover up by 3% in 2023

Moroccan telecommunications operator Maroc Telecom achieved a consolidated turnover of MAD 36.8 billion ($3.68 billion) at the end of 2023, marking an increase of 3% (+1.4% at constant exchange rate), Moroccan news outlet SNRT reported on February 16, 2024, citing a press statement by the company.

Fez – Moroccan telecommunications operator Maroc Telecom achieved a consolidated turnover of MAD 36.8 billion ($3.68 billion) at the end of 2023, marking an increase of 3% (+1.4% at constant exchange rate), Moroccan news outlet SNRT reported on February 16, 2024, citing a press statement by the company.

This increase is mainly driven by the growth in revenues of Moov Africa subsidiaries as well as that of fixed internet activities, which offset the decline in the mobile sector, explains the group in a press release on its consolidated results for the year 2023.

According to the same source, the group’s activities in Morocco generated at the end of 2023 a turnover of MAD 19.54 billion ($1.95 billion), mainly supported by fixed data (+7.2%).

Meanwhile, added the press statement, the company’s turnover decreased by 1.3% compared to the end of 2022, reaching MAD 11.63 billion ($1.16 billion).

The growth of internet activities generated a turnover of MAD 9.68 billion ($0.96 billion), an increase by 1.3% compared to 2022, mainly due to the growth of 7.2% in fixed data revenues.

At the international level, Maroc Telecom’s revenues recorded an increase of 6.6% (+3.4% at constant exchange rate) to stand at more than MAD 18.38 billion ($1.83 billion) at the end of 2023, under the combined effect of growth in mobile data (+22.6% at constant exchange rates), fixed internet (+11.3% at constant exchange rates) and Mobile Money (+5% at constant exchange rates).

Last year also saw a marked growth in turnover and net profit for Maroc Telecom, the company indicated in its press release, announcing the distribution of MAD 3.7 billion ($0.37 biilion) dirhams in dividends, or MAD 4.20 per share.

Maroc Telecom exceeded its operational and financial objectives for the year thanks to its subsidiaries in sub-Saharan Africa, the statement stressed, noting that the group’s remarkable ability to control costs and high level of investment allow it to improve its margins and pursue a sustained level of development.

The Moroccan telecommunication giant concluded its press statement by pledging to maintain in 2024 the same proactive approach that has allowed it to quickly adapt to changes in the market and seize opportunities.