Morocco’s national telecommunications company, Maroc Telecom Group, announced consolidated revenues of nearly 27.7 billion MAD for the third quarter of 2023, marking a 3.2% increase over the previous year, according to the company’s latest financial report.
Representing a 1.2% rise at constant exchange rates, the company stated in a press release that its overall growth was primarily driven by international activities, which saw a 7.5% increase (3.1% at constant exchange rates).
In Morocco, the group generated approximately 14.75 billion MAD in the first nine months of 2023, with a near-stable performance year-on-year. The stability was mainly supported by its Fixed Data division, which saw a 5.5% increase.
Mobile revenues experienced a slight decrease of 0.7% compared to September 2022, with revenues of 8.87 billion MAD.
Fixed-line and Internet operations generated 7.2 billion MAD, a 0.4% decrease from 2022, somewhat offset by the increase in Fixed Data, which compensated for the loss in Voice.
On the international front, the group’s revenue showed a significant increase of 7.5% (3.1% at constant exchange rates), reaching over 13.76 billion MAD during the first nine months of 2023. This was driven by the strong performance of Mobile Data, with a 27.4% increase (22.3% at constant exchange rates), and Mobile Money, which grew by 11.6% (7.3% at constant exchange rates).
Excluding the drop in voice terminations, the subsidiaries’ revenue saw a growth of 3.5% at constant exchange rates.
Despite a challenging global economic climate, the company has restarted revenue growth in its Moov Africa subsidiaries, mostly driven by data, while maintaining strong profitability through cost optimization and continuing investment in service innovation and usage development.
According to the corporation, these results reaffirm the group’s commitment to achieving its annual objectives and demonstrate the success and resilience of its economic model.
The statement highlighted the group’s commitment to “sustainability and citizen well-being” through various initiatives across all the countries in which it operates.
Maroc Telecom also noted in the release that it had mobilized teams of employees to “support people affected by the earthquake in the Kingdom” and that the company had donated 700 million MAD to Bank Al-Maghrib’s (BAM) Special Fund No. 126.