Maroc Telecom (IAM) has published its financial results for the twelve months ended 31 December 2020, reporting a 0.7% increase in revenues from MAD36.517 billion (USD4.1 billion) to MAD36.769 billion, attributed to a 4.9% growth in sales generated by the group’s international operations, which was partly offset by a 3.7% drop in revenues from its domestic unit. The telco’s annual adjusted EBITDA increased by 0.9% year-on-year to MAD19.100 billion, mainly due to a 7.9% increase in pre-tax earnings from its international operations, which was partly offset by a 2.8% drop in its domestic unit’s EBITDA contribution. IAM’s adjusted earnings from operations reached MAD11.598 billion in 2020, an 0.8% increase y-o-y, while the group’s share of adjusted net income amounted to MAD6.001 billion, down by 0.5% when compared to 2019. CAPEX including frequencies and licence costs amounted to MAD3.448 million at the end of 2020, down 49.2% y-o-y.
The group also disclosed its outlook for 2021 on a like-for-like basis and at constant exchange rates, forecasting a decrease in revenues and EBITDA, and a CAPEX (excluding frequencies and licences) of maximum 15% of revenues.
In operational terms, the group reported annualised growth of 8.1% for its consolidated customer base, with the total reaching nearly 73 million connections at Q4 2020. In Morocco, wireless subscribers decreased by 2.8% y-o-y to 19.498 million, down from 20.054 million in December 2019; the telco’s 3G/4G user base passed 11.060 million (down by 6.2% y-o-y), while broadband customers increased by 10.4% y-o-y to 1.738 million. In Niger, wireless accesses increased by 2.8% to 3.005 million, while Mali saw a sizeable 30.0% y-o-y rise in mobile subscribers to 9.684 million at 31 December. Furthermore, mobile subscriber growth was reported across the board: Cote d’Ivoire (10.050 million, up 12.0%), Mauritania (2.641 million, 6.9%), Burkina Faso (9.388 million, 9.8%), the Central African Republic (189,000, 12.0%), Chad (4.577 million, 15.2%), Benin (4.682 million, 6.9%), Gabon (1.632 million, 0.6%) and Togo (3.380 million, 11.6%).
Abdeslam Ahizoune, Chairman of IAM’s Management Board, commented: ‘In 2020, the Maroc Telecom Group posted operating results in line with objectives. Thanks to ongoing efforts to control costs and multiple innovations, the group has maintained its margins, demonstrating thus its resilience and its strong capacity to adapt to the conditions imposed by an unprecedented health and economic crisis.’