Maroc Telecom Group reported revenues of MAD 31.65 billion for 2010, up 4.3 percent year-on-year thanks to solid performances on its domestic market and at its subsidiaries in Africa. Fourth-quarter revenues amounted to MAD 7.94 billion, up 0.3 percent year-on-year. The group's customer base stood at 25.8 million at 31 December, up 19 percent from 12 months earlier. This expansion reflects a continuing sustained growth in the mobile customer base in Morocco, up 10.6 percent, and especially in subsidiaries in Africa, where it settled at nearly 6.8 million mobile customers, up 58 percent versus the same period in 2009. Group EBITDA rose 2.5 percent to MAD 18.6 billion, giving a margin of 58.8 percent, and operating profit stood at MAD 14.3 billion, up 2.3 percent year-on-year. For the fourth quarter, operating profit dipped 0.7 percent to MAD 3.8 billion. Net profit for the year came in at MAD 9.5 billion, up 1.2 percent year-on-year. Based on current market conditions and barring any unforeseen disruptions to the group's operations, Maroc Telecom expects it will achieve moderate growth in revenues in 2011, driven mainly by growth at its subsidiaries, and will maintain profitability at high levels while pursuing a sustained capital expenditure programme.
In Morocco, the operator generated net revenues for the year of MAD 26.2 billion, up 1.7 percent, and operating profit up 1.0 percent to MAD 13.2 billion. Mobile gross revenues rose 4.3 percent to MAD 19.67 billion, due to the continuing active customer base growth and usage stimulation through new marketing offers. Operating profit stood at MAD 10.36 billion, up 6.7 percent due to the growth in revenues, MTR prices cut and cost optimization. The mobile customer base rose by 10.6 percent to 16.89 million customers, spurred by the success of the customer loyalty programmes and offers that encourage retention. The cumulative blended churn rate dropped by 4.5 pts to 29 percent. The postpaid segment accelerated its growth to stand at 817,000 customers, up 20 percent, thanks to new targeted offers. The 3G internet customer base was multiplied by 3.2 during 2010, with 549,000 customers versus 174,000 at end-2009. Blended ARPU for 2010 stood at MAD 93, down by 4.7 percent year-on-year. The outgoing non-voice revenues increased by 25 percent during 2010, reaching 10.5 percent of the average bill, against 8.7 percent during the same period of 2009.
