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UPDATE 1-Maroc Telecom 2016 profit flat, revenue up on Africa business
February 27, 2017 / 12:57 PM / 9 months ago

UPDATE 1-Maroc Telecom 2016 profit flat, revenue up on Africa business

(Adds details on Africa businesses)

RABAT, Feb 27 (Reuters) - Maroc Telecom, Morocco’s largest telecom operator, said on Monday its 2016 net profit attributable to shareholders was flat at 5.59 billion dirhams while revenues were boosted by African subsidies.

Excluding restructuring expenses for a voluntary redundancy plan, 2016 earnings rose by 3.2 percent from a year earlier to 5.77 billion dirham.

The company, controlled by UAE’s Etisalat Group, said consolidated revenue rose 3.3 percent in 2016 from a year earlier to 35.25 billion dirhams on domestic revenues and steady international growth.

Maroc Telecom Chairman Abdeslam Ahizoune said in a statement the 2016 fiscal year “exceeded expectations.”

Mobile revenue in Morocco, its main source of income, dropped by 1.1 percent though overall revenue in Morocco rose 1 percent. Its customer base grew by 6.3 percent to more than 54 million customers, largely due to a 10 percent growth of its African subsidiaries’ customer base.

Revenue from Maroc Telecom’s international activities grew 9.4 percent, where mobile growth grew by 75.2 percent in Niger, 32.8 percent in Ivory Coast, and 15 percent in Togo.

Etisalat bought Vivendi’s 53 percent stake in Maroc Telecom in 2013 for 4.2 billion euros ($5.7 billion), and as part of the deal Maroc Telecom acquired six African assets from Etisalat. ($1 = 10.0740 Moroccan dirham) (Reporting by Samia Errazzouki; editing by Patrick Markey)

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