Maroc Telecom returns to revenue growth in Q2

News General Africa 21 JUL 2014
Maroc Telecom returns to revenue growth in Q2
Maroc Telecom Group reported improved results for the second quarter, thanks to continued growth at its international activities and an economic recovery in its home market Morocco. Revenue returned to growth, up 1.3 percent year-on-year to MAD 7.4 billion, while the EBITDA decline slowed to 2.0 percent, to MAD 4.1 billion. The group's customer base rose to 38 million at 30 June, up by 9.2 percent year-on-year. 

Over the first six months, revenues were up 0.7 percent to MAD 14.6 billion, while EBITDA declined by 4.4 percent to MAD 8.03 billion. This was due to a 7 percent drop in EBITDA in Morocco, which only partially compensated a 4.1 percent rise in EBITDA from international activities. The EBITDA margin fell by 2.9 percent points to 55.2 percent. 

Net income dropped 12.7 percent year-on-year to MAD 3.07 billion, and operating cash flow was down 4.9 percent to MAD 5.1 billion. The group maintained its annual forecast of a slight decline in EBITDA and slightly higher capital expenditures. 

In Morocco, first-half revenue declined by 2.4 percent to MAD 10.65 billion, as 5.5 percent growth in the fixed market was offset by a 4.2 percent fall in mobile revenues. The fixed operations were helped by new double-play plans and the unlimited Phony offers. The total number of fixed lines was up 9.0 percent year-on-year to 1.44 million, and broadband subscribers rose 22.3 percent to 923,000.

EBITDA in Morocco declined by 7 percent to MAD 6.03 billion due to lower revenues and significantly higher traffic. The EBITDA margin was down by 2.8 points from a year ago to 56.6 percent. Total capex in Morocco declined 35.7 percent to MAD 1.3 billion in H1.

Mobile ARPU amounted to MAD 66.9, a decline of 6.4 percent from the first half of 2013 due to a decline in voice activity, which was not compensated by the rapid growth of data use. Mobile service revenue fell 4.8 percent to MAD 7.5 billion, while equipment sales were up 23.3 percent to MAD 243 million. The mobile subscriber base was up 0.6 percent year-on-year to 18.16 million at 30 June, driven by a 10 percent rise in postpaid customers to 1.45 million. The number of 3G users surged to 3.86 million from 1.82 million a year ago.

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Voice services, Data services, Financial figures

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