Telecompaper
Maroc Telecom said its net profit for 2014 increased by 5.6 percent to MAD 5.85 billion from 2013 following an exceptional expense related to the settlement of a tax dispute in 2013. The group’s customer base reached over 40 million customers by 31 December 2014, an increase of 8.2 percent compared with 2013, primarily due to the international operations, where the customer base is around 20 million customers, up 17 percent in one year.
Revenues rose by 2.1 percent to MAD 29.14 billion, up 2.1 percent from 2013 at a constant exchange rates. This performance is primarily explained by an 11.3 percent increase in international operations, and a 0.8 percent decrease in revenues in Morocco. EBITDA, however, declined by 3.2 percent to MAD 15.69 billion compared with 2013. This decrease was due to 5.9 percent fall in EBITDA at operations in Morocco, partially offset by a 5.3 percent increase (5.4 percent at constant exchange rates) in EBITDA from international operations. The EBITDA margin fell by 2.9 percentage points to 53.8 percent.
The Maroc Telecom Supervisory Board will propose the payment of an ordinary dividend of MAD 6.9 per share to the annual general meeting (AGM) on 28 April, up 15 percent, representing an overall amount of MAD 6 billion, which is all the distributable income for the 2014 fiscal year. This dividend will be paid from 02 June.
The group’s activities in Morocco decreased by 0.8 percent to MAD 21.13 billion from 2013. This performance reflects the strong growth in fixed line and internet revenues (8.8%), and the slowdown in the decrease in mobile revenues (-3.2% in 2014 compared with -10.1% in 2013) driven by significant growth in voice and data traffic. EBITDA registered a 5.9 percent decrease to MAD 11.56 billion, a margin of 54.8 percent, down 3.0 points from 2013. Mobile subscribers rose by 0.2 percent to 18.23 million.
Maroc Telecom finalised the acquisition of Etisalat subsidiaries in Benin, Cote d’Ivoire, Gabon, Niger, Central African Republic, and Togo on 26 January. This acquisition also involves Prestige Telecom, which provides IT services to these subsidiaries. The transaction price is EUR 474 million, which includes the purchase of Etisalat’s equity interest in these operators, and the outstanding shareholder loans.
