International success drives Maroc Télécom's growth
- Strong financial results
- Consolidated revenue and supply expansion and growth
- Future challenges and opportunities
Maroc Telecom Group, Morocco's state-owned telecoms operator Maroc Telecom Group unveiled its solid financial results for the first quarter of 2024, demonstrating its resilience in a competitive environment, which is in decline.
Strong financial results
Maroc Telecom Group's Q1 2024 financial report highlights solid results, demonstrating the company's ability to thrive even in a competitive environment. With consolidated revenues of 9.1 billion dirhams, representing an increase of 1.2% over the previous year, the group demonstrates its stability and continued growth.
Maroc Telecom's revenues and net profit increased significantly last year, and the company announced in a press release that it will pay a dividend of 3.7 billion dirhams or 4.20 dirhams per share.
Maroc Telecom se encuentra en el Top 3 de empresas que facturan más de mil millones de dólares en África
Results were positive for the first quarter of 2024. Maroc Telecom's growth is a reflection of the company's focus on financial stability. Growth in recent years has served to provide its customers with innovative, reliable and high quality telecommunications services. This growth is continuing year after year. In fact, the company, with the exception of 2020 due to the COVID-19 pandemic, has grown its customer base since its founding in 1998.
Consolidated revenue and supply expansion and growth
This growth was driven by rapid growth in the mobile data market (21.7% at constant exchange rates) and the resulting increase in demand for fixed data from subsidiaries such as Moov Africa (19.1% at constant exchange rates). However, the market itself presented a panoramic picture. Domestic activities are slightly lower than the others. This decline was mainly due to a 4.2% drop in mobile revenues.
The good performance of fixed internet services (7.6%) and the success of Fibre to the Home (FTTH) services partially offset this drop. Maroc Telecom attributes its overall success to several factors.
The company focuses on the expansion of high-speed fixed broadband services, continued cost optimisation efforts and a strong commitment to network quality. In addition, the Group emphasises an ambitious investment strategy that will enable it to prove its worth through high performance and service.
The customer base also reflects Maroc Telecom's growth trajectory. At the end of March 2024, the group's total number of customers stood at 77.1 million, up 2.7% on the previous year. This growth is particularly evident in the international mobile segment, which serves 53.8 million customers in several African countries.
While the domestic fixed line sector fell by 8%, Morocco's mobile customer base remained relatively stable with a marginal increase of 0.9%. Morocco's post-paid mobile sector even saw growth of 3.4%.
Future challenges and opportunities
Despite the challenges presented by the downturn in the domestic fixed line sector, Maroc Télécom is well positioned to capitalise on new opportunities and continue its growth trajectory, especially with continued success in Morocco's mobile segment and the global expansion of its services.
African economies are in transition from relying predominantly on agriculture and manufacturing to relying on the services sector, which accounts for 56% of total value added.
Africa's economic growth will be greatly enhanced if the country embraces the innovations of the digital economy.
Maroc Telecom said it exceeded its operational and financial targets for the year thanks to its subsidiaries in sub-Saharan Africa and said the group's excellent cost management capabilities and high levels of investment helped it improve margins and break even.
