Maroc Telecom’s First-Half Profit Edges Up 0.5%, Revenue Drops

RABAT - Morocco's largest telecom operator, Maroc Telecom, reported a 0.5% increase in its first half profit on Thursday to 2.59 billion dirhams ($330 million), despite a drop in revenue.

The company said consolidated revenue for January-June fell 1.2% from a year earlier to 18 billion dirhams.

Revenue at its main Moroccan market dropped 3.4% but rose 1.2% at its African subsidiaries, known as Moov Africa.

Besides Morocco, it operates subsidiaries in Benin, Burkina Faso, the Central African Republic, Chad, Gabon, Ivory Coast, Mali, Mauritania, Niger and Togo.

Maroc Telecom said its customer base grew 2.3% to over 80 million, as it steps up investments in mobile data, fixed internet and mobile payment services at African subsidiaries.

In March, Maroc Telecom teamed up with competitor Inwi to roll out a 5G network in Morocco, with a joint investment of 4.4 billion dirhams over the next three years.

Maroc Telecom, which is also listed on Euronext Paris, is 53% controlled by the United Arab Emirates' Etisalat, with the Moroccan state owning 22%.