The Maroc Telecom Group achieved consolidated revenue (CA) of nearly 17.57 billion dirhams (MMDH) at the end of June 2022, down 1.2% (-0.6% at constant exchange rate ).
In a press release on its half-year results, Groipe explains that Mobile activities in Morocco continued to suffer from the competitive and regulatory environment (-5%) and are partly offset by the good performance of International activities (+1, 6% at constant exchange rate) and Fixed in Morocco (+1.6%).
In detail, revenue in Morocco posted a moderate decline compared to the same period of 2021 (-2.2% in H1-2022 compared to -7.1% in H1-2021) and established at 9.56 billion dirhams. Fixed Data revenues continued to benefit from the enthusiasm for FTTH, thus offsetting the decline in Mobile Data activities.
Mobile sales fell to 5.68 billion dirhams, as a result of lower revenues from outgoing and incoming services in the face of a still unfavorable competitive and regulatory environment.
For its part, the turnover of Fixed and Internet activities increased by 1.6%. The 7.3% growth in Data revenue, driven by the performance of FTTH services, offsets the drop in Voice
Internationally, the Group’s activities improved by 0.4% over the first six months of the year to more than 8.55 billion dirhams (+1.6% at constant exchange rates), driven by the good Mobile Data performance (+29% at constant exchange rate). Excluding the fall in call terminations, the turnover of the subsidiaries was up by 2.8% at constant exchange rates.
For the Group, “the achievements of the Maroc Telecom Group in the first half of this year are driven by the good dynamic of the activities of the Moov Africa subsidiaries and the constant efforts to optimize costs, despite an inflationary context and an increasingly competitive environment. more intense”.
“Maroc Telecom continues to deploy its investment plans in order to effectively support the development of Mobile and Fixed Data uses and to pursue innovation and digital transformation projects”, it is further underlined, noting that “the strategy of the The Group is thus part of an inclusive approach to creating value for Maroc Telecom and its ecosystem both in Morocco and in the countries of presence in Sub-Saharan Africa”.
Adjusted net income group share up 1.7%
In addition, Maroc Telecom achieved adjusted net income group share of approximately 2.87 billion dirhams (MMDH) in the first half of 2022, an improvement of 1.7% at constant exchange rates.
At the end of the first six months of 2022, Maroc Telecom’s consolidated adjusted operating income (EBITA) stood at MAD 5.74 billion, up 3% (+3.3% at constant exchange rate), indicates the group, stating that the operating margin reached 32.7%, up 1.3 pt.
Regarding the consolidated adjusted operating profit before depreciation and amortization (EBITDA), it increased by 0.1% (+0.5% at constant exchange rate) to reach 9.17 billion dirhams. The almost stable adjusted EBITDA in Morocco and the growth of that of the Moov Africa subsidiaries (+2% at constant exchange rates) are the source of this performance due to the continuous efforts to control operating costs. The adjusted EBITDA margin, up 0.7 points, stood at the high level of 52.2%.
Maroc Telecom also informs that its investments excluding frequencies and licenses amounted to 3.72 billion dirhams to represent 21.2% of the Group’s revenues, in line with the outlook.
Adjusted cash flow from operations (CFFO) stood at 5.32 billion dirhams, down 2.8% compared to the same period of 2021 (-2.5% at constant exchange rate), under the mainly due to the increase in investments.
As for the Group’s consolidated net debt, it fell by 18.4% to 12.16 billion dirhams at the end of June 2022. It represented 0.6 times its annualized EBITDA.
Penalty of 2.45 billion dirhams
On another note, Maroc Telecom indicates that the penalty imposed on it by the National Telecommunications Regulatory Agency (ANRT), as part of the decision of January 17, 2020 on unbundling, is set at 2, 45 billion dirhams (MMDH).
The group reports the notification on July 22, 2022 of the decision of the ANRT Management Committee relating to the liquidation of the penalty imposed on Maroc Telecom as part of the decision of January 17, 2020 relating to unbundling.
The amount of the penalty is set at 2.45 billion dirhams and Maroc Telecom has 30 days to appeal to the Court of Appeal of Rabat.