Maroc Telecom Group has generated consolidated revenues of DH 8,914 billion at the end of March 2021.
In a difficult context, marked by the consequences of the Covid-19 crisis and the regulatory environment, the Maroc Telecom Group generated consolidated revenues of DH 8,914 billion at the end of March 2021, down by 4.2% compared to the same period in 2020, the Group said in a press release.
The decline in the Mobile business in Morocco is partially offset by sound growth in Fixed Broadband in Morocco and the activities of the Moov Africa subsidiaries, the source added.
In the first quarter of 2021, the earnings from operations before depreciation and amortization (EBITDA) of the Maroc Telecom Group reached DH 4,561 billion, down 4.9%.
The EBITDA gross margin was held at a high level of 51.2%, thanks to rigorous cost management.
The consolidated adjusted earnings from operations (EBITA) of the Maroc Telecom Group for the first three months of 2021 was DH 2,746 billion, down by 5.7% compared to the same period last year.
At the end of March 2021, the Group share of adjusted Net Income decreased by 7.7% compared to the same period the previous year, to DH 1,474 billion.
The adjusted net cash flow from operations (CFFO) amounted to DH 2,681 billion, down by 7.3% compared to the same period in 2020, mainly due to the fall in EBITDA.
"In a context still marked by the health crisis linked to Covid-19, the Maroc Telecom Group ends the first quarter with operating results driven by its international assets. Its diversification strategy is once again proving itself and improving its resilience in this context of crisis," said Abdeslam Ahizoune, Chairman of the Management Board, as quoted in the release.
"The Group is continuing its savings plan and is managing to maintain its profitability and focuses its investments on strengthening networks, infrastructure and improving the quality of service," he added.
"While this crisis' duration and effect on the economy are still unknown, the Group will remain vigilant and fully mobilised in order to overcome it," he stressed.