Maroc Telecom sees 3% revenue growth in 2023, driven by African subsidiaries

Maroc Telecom reported a 3% increase in total revenue to MAD 36.8 billion in 2023. This growth was primarily driven by the performance of its Moov Africa subsidiaries and fixed internet activities, which offset a decline in the Moroccan mobile market, according to the company's financial results.

In Morocco, revenue reached MAD 19.54 billion, boosted by a 7.2% increase in fixed data revenue. However, mobile revenue declined by 1.3% to MAD 11.63 billion.

The group's customer base reached 76 million, representing an increase of more than 0.7% compared to the previous year. The national mobile base grew by 2.7% to 19.8 million customers, while the fixed base decreased by 7.8% to 1.8 million lines. The broadband base stands at nearly 1.6 million subscribers.

Internationally, Maroc Telecom experienced a 6.6% revenue increase to MAD 18.38 billion, driven by growth in mobile data (+22.6%), fixed internet (+11.3%), and mobile money (+5%). The mobile base reached 52.2 million customers, with significant presences in Burkina Faso, Ivory Coast, Mali, Chad, Benin, Niger, Togo, Mauritania, Gabon, and the Central African Republic.

Internationally, the fixed base comprises 391,000 subscribers, while the broadband base has 203,000 customers.

The group has proposed a dividend distribution of MAD 3.7 billion, equivalent to MAD 4.20 per share, with a yield of 4.7%.