Moov Africa continues to drive Maroc Telecom’s results

In the first quarter of 2024, the Maroc Telecom group, parent company of Moov Africa, achieved growing operational and financial results compared to the same period of 2023. This is due to the dynamism of its African subsidiaries, the growth of “very fast” Internet and cost optimization efforts,” according to a press release from the group

The consolidated turnover of the Maroc Telecom group amounts to 9.1 billion dirhams (900 million euros), an increase of 1.2%. This is supported by an international sales increase of 3.8%, offsetting the 1.3% sales decline in the Moroccan market. The group’s customer portfolio amounted to 77.1 million at the end of March 2024, an increase of 2.7%.

Operating profit before depreciation and amortization (Ebitda) increased by 1.7% to 4.655 billion dirhams. Net profit, group share (RNPG) amounted to 1.53 billion dirhams, an increase of 0.5%.

The only downside is the continued decline in turnover on the Moroccan market, where the price war is raging with Orange and Inwi. And like all companies in its sector, Maroc Telecom is faced with the massive use of free applications that “eat” part of the turnover from “Voice” calls. For example, activities in Morocco showed a decrease of 1.3% with an income of 4.72 billion dirhams. The growth of Fixed Internet activities only partially compensates for the decline of Mobile in Morocco (-4.2%). More worrying is the decline in average income per subscriber at the end of March 2024. It amounts to 42.70 dirhams, a decline of 6.6% in one year. However, the group can take comfort in the expansion of its mobile fleet in its home countries. This has 19.3 million customers, up 0.9% year-on-year, with notable growth in the postpaid segment of 3.4%.