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Etisalat-Owned Maroc Telecom’s 2014 Profit Up 5.6%

Etisalat-Owned Maroc Telecom’s 2014 Profit Up 5.6%

Increased revenues from its African subsidiaries helped the company post a strong profit.

Maroc Telecom, Morocco’s largest telecom operator, said a strong performance at its African subsidiaries helped drive its 2014 net profit up 5.6 per cent to 5.85 billion dirhams ($613.51 million).

Sales revenue rose 2.1 per cent to 29.14 billion dirhams, held back by a 0.8 per cent drop in Morocco, its main market, although its customer base grew to 40 million from 37 million.

Abu Dhabi’s Etisalat bought Vivendi’s 53 per cent stake in Maroc Telecom in 2013 for 4.2 billion euros ($5.7 billion, and as part of the deal Maroc Telecom was to acquire of six African assets from Etisalat.

Revenue at its African subsidiaries grew 21 per cent in Gabon, 10.1 per cent in Mali, 6.5 per cent in Burkina Faso and solid growth in Mauritania, the company said in a statement on Monday.

The company said it had hit its target for an operating margin of approximately 53.8 per cent as a result of cost cutting. The operating margin was 56.8 per cent in 2012.

Maroc Telecom’s shares rose 1.03 per cent to 131.90 dirhams on the Casablanca stock exchange.

It proposed a cash dividend for 2014 of 6.9 dirhams per share, up from 6 dirhams in 2013.

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