Maroc Telecom Quarterly Profits Decline on Weak Home Market
Published on: 30th Apr 2014
By: Ian Mansfield
Maroc Telecom has reported its first quarter financials and recorded a slight improvement in revenues although underlying profits fell noticeably.
The company is currently in the process of having a majority stake sold by Vivendi to Etisalat.
The North African telco reported first quarter revenues up by 0.4% at MAD7.18 billion (USD881 million), while EBITDA fell by 6.8% to MAD4.3 billion (US$528 million).
The nearly flat revenues were mainly attributable to strong growth in international activities, whose revenues grew by 12.3%. Business in Morocco continued to fall (-3.4%).
The decline in profits was mainly due to falls in the Morocco home market, which were not entirely offset by gains overseas.
The Group's customer base stood at more than 39 million customers at March 31, 2014, a rise of nearly 17% year on year. This change was attributable to the expansion of international customer bases, which grew by 35%, to 18.6 million customers
Maroc Telecom has operations in Morocco, as well as Gabon, Mauritania, Burkina Faso, and Mali.