October 21, 2019 / 10:34 AM / 23 days ago

Maroc Telecom reports flat Q3 profit

RABAT, Oct 21 (Reuters) - Maroc Telecom, Morocco’s largest telecoms operator, reported on Monday an adjusted third quarter profit of 1.625 billion dirhams ($170 million), up 0.4% compared with the same period last year.

The adjusted profit in the first nine months to end September rose 1.3% year-on-year to 4.6 billion dirhams, thanks to higher mobile data revenue and cost control, the company said in a statement.

The third quarter’s consolidated revenue rose to 9.46 billion dirhams, up 1% compared with the same quarter last year, thanks to an improved performance on the Moroccan market.

Revenue for the first nine months was up 0.9% to 27.3 billion dirhams.

Maroc Telecom operates subsidiaries in Benin, Burkina Faso, Ivory Coast, Gabon, Mali, Mauritania, Niger, Togo and the Central African Republic

The group’s customer base grew 10.6% to 67.6 million users, including 20.3 million in Morocco, by the end of September, it said.

Maroc Telecom, listed on the Casablanca Stock Exchange and Euronext in Paris, is 53% controlled by the United Arab Emirates telecoms group Etisalat .

The Moroccan government owns 22% after it recently sold an 8% stake in the company in a privatisation push to curb the country’s budget deficit.

Reporting by Ahmed Eljechtimi; Editing by Emelia Sithole-Matarise

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