The Moroccan telecommunications operator, Maroc telecom, has forecast an adjusted net profit (Group share) of almost 572 million euros in 2023, an increase of 6.4% compared with 2022.
In view of this performance, Maroc Telecom plans to distribute MAD 3.7 billion (1 euro = MAD 10.83) to shareholders, representing a dividend per share of MAD 4.2, corresponding to a yield of 4.7% (based on the share price on 15 February). This good return was achieved despite the high level of investment, excluding frequencies and licences, which represented 21.3% of sales, and the 10.6% fall in operating cash flow, explained the group in a press release on its consolidated results to 31 December 2023.
The incumbent operator recorded sales growth of 3%, to DH36.8 billion, driven by the performance of its international subsidiaries Moov Africa (+6.6%), the resilience of fixed Internet activities in Morocco and a favourable exchange rate.
This growth in sales, combined with tight control of operating costs, enabled operating income before depreciation and amortisation (EBITDA) to rise by 4.7% to DH19.4 billion, representing a margin that improved by one point to 52.7%.
In Morocco, the group’s activities generated revenues of DH19.54 billion at the end of 2023, stable year-on-year, driven mainly by fixed-line data (up 7.2%), according to the same source.
Mobile revenues will fall by 1.3% compared with the end of 2022, to DH11.63 billion.
Fixed-line and Internet activities will continue to grow, generating revenues of MAD 9.68 billion, up 1.3% compared with 2022, mainly due to growth in fixed-line data revenues (+7.2%).
Internationally, the Group’s revenues are up by 6.6% (+3.4% at constant exchange rates) to more than DH18.38 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).
Excluding the fall in call terminations, subsidiaries’ revenues rose by 3.8% at constant exchange rates.
Maroc Telecom’s customer base stood at 76 million in 2023, up 0.7% year-on-year, driven by the customer base in Morocco (+1%) and in the subsidiaries (+0.6%).
In Morocco, the Mobile customer base stands at 19.8 million customers, up 2.7% year-on-year, thanks to the combined increase in postpaid (+3.4%) and prepaid (+2.6%).
The Fixed-line customer base stood at 1.8 million lines at the end of December 2023, down 7.8%. The Broadband customer base now stands at almost 1.6 million, with the FTTH customer base growing strongly (+41%).
Outside France, the Mobile customer base reached 52,233,000 customers, spread across Burkina Faso (11,563,000), Côte d’Ivoire (10,260,000), Mali (8,351,000), Chad (6,201,000), Benin (5,747,000), Niger (3,238,000), Togo (2,862,000), Mauritania (2,242,000), Gabon (1,516,000) and Central Africa (253,000).
The fixed-line customer base stood at 391,000, divided between Mali (233,000), Burkina Faso (75,000), Gabon (55,000) and Mauritania (29,000), while the fixed broadband customer base stood at 203,000.
HA/lb/abj/APA