Morocco’s largest telecommunications operator, Maroc Telecom, recorded a 0.4% decline in its profits for 2024, amounting to 6.14 billion dirhams, as it continues to invest in high-speed fixed-line internet services.
In its financial statement, the company revealed that its consolidated revenue, on the other hand, rose by 1.2%, reaching 36.7 billion dirhams, driven by growth in its African subsidiaries.
Maroc Telecom attributed the increase in its revenue to the growth in earnings from fixed-line services in Morocco (up 2.3%), which was supported by higher usage and the expansion of data services.
The performance of its African branches, particularly “Moov Africa,” which saw a 4.6% increase, contributed to this growth.
The same financial report indicated that the group’s total customer base reached 79.3 million subscribers by the end of last year, a 4.5% increase, primarily driven by growth in its African subsidiaries (up 8.1%).
The group’s adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) amounted to 19.2 billion dirhams, marking a slight increase of 0.3% year-on-year, supported by the performance of its African branches, which saw an increase of 2.9% in this key metric.
The adjusted EBITDA margin remained high at 52.3%, thanks to cost control measures and the reduction in call costs within the subsidiaries.
The adjusted operating profit (EBITA) saw an increase of 0.7%, reaching 12.2 billion dirhams, driven by higher profits.
The adjusted operating margin stabilized at 33.2%, maintaining its stability throughout the year.
The company’s adjusted operating cash flows also experienced notable growth, increasing by 8.4% to reach 10.9 billion dirhams by the end of last year.
Investments, excluding frequencies and licenses, represented 20.8% of revenue, in line with the company’s expectations. Maroc Telecom’s consolidated net debt stood at 1.1 times the annual EBITDA.
FMaroc Telecom announced that its Supervisory Board has proposed a dividend of 1.43 dirhams per share, totaling 1.26 billion dirhams, to be distributed at the upcoming shareholders’ general meeting.
For the current year, the company expects slight growth in its revenue, maintaining high levels of EBITDA and capital expenditures (CAPEX), which will represent about 20% of revenue, excluding frequencies and licenses.
These forecasts remain subject to market developments and the absence of any exceptional events that could impact the company’s operations.
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