Maroc Telecom Group's revenues increased to MAD 34.13 billion in 2015, up 17.1 percent on the year thanks to the consolidation of African subsidiaries acquired from its parent Etisalat and revenue stabilization in its home market Morocco. Customers numbered nearly 51 million at the end of 2015, up 26 percent year-on-year. EBITDA amounted to MAD 16.74 billion, up 6.7 percent from the previous year. Despite the dilutive effect of the new subsidiaries, the group's EBITDA margin was nearly stable year-on-year at 49.0 percent, thanks to continuing efforts to control direct costs and minimize operating costs. EBITA amounted to MAD 10.34 billion, up 0.7 percent from the previous year, while net profit fell 4.3 percent to MAD 5.6 billion, mainly due to the losses generated by the new subsidiaries.
Cash flow from operations was MAD 9.36 billion, down 19 percent from 2014, following the 80 percent growth in capital investment, including the price of the 4G licence in Morocco, 2G/3G licences in Mauritania and Niger and the 50 percent down-payment for a licence in Ivory Coast. Excluding frequencies and licences, operating cash flow was up 4.6 percent.
Maroc Telecom will propose an ordinary dividend of MAD 6.36 per share, representing a pay-out of 100 percent of the net profit from 2015. Maroc Telecom is projecting for 2016 stable revenues and a slight decrease in EBITDA at constant scope and exchange rates and capital expenditure around 20 percent of revenues, excluding frequencies and licences.
