Maroc Telecom reported 2.1% growth in group revenues in 2014, driven primarily by a strong performance at its international businesses.
The telco generated consolidated revenues of 29.14 billion dirhams (€2.69 billion) last year. It’s domestic business contributed the lion’s share with MAD21.13 billion, down 0.8% year-on-year, while its international operations brought in MAD8.6 billion, up 11.3%.
The company’s net profit grew by 5.6% to MAD5.85 billion, largely on the back of a one-off tax dispute cost in 2013, while EBITDA slid by 3.2% to MAD15 .69 billion.
"2014 was characterised by a return to revenue and net income growth," said Maroc Telecom chairman Abdeslam Ahizoune, in a statement.
"Maroc Telecom Group is reaping the benefits of its substantial investments in mobile, fixed-line, and high speed and ultra-high speed Internet," he added. "The continuance of such investments will depend on the sustainability of the renewed growth and the efficiency of the market which will depend on the stability and visibility of the regulatory environment."
The company predicts that capex in 2015 will be around 20% of revenues, excluding spectrum, licences and 4G investments in Morocco.
Ahizoune also noted that Maroc Telecom is boosting its position in certain fast-growing international markets through M&A. Last month the telco closed the €474 million acquisition of six businesses in West Africa that previously belonged to its parent company, Etisalat.
Maroc Telecom’s total customer base exceeded 40 million by the end of 2014, up by 8.2% over 12 months. Once again, the growth came from its overseas operations, where customers reached around 20 million, up 17%.
The telco’s biggest international operation last year was Mali, where its 10.67 million mobile customers and a handful of fixed-line and broadband connections generated €2.93 billion in revenues.
Maroc Telecom’s group outlook foresees stable revenues and a slight decrease in EBITDA next year.
