Maroc Telecom Expands Customer Base Amid Market Challenges and Legal Hurdles
Maroc Telecom, Morocco's foremost telecommunications provider, has reported a significant 5.1% increase in its customer base for the first half of 2024, reaching a total of 78.4 million subscribers. This growth comes despite facing stiff competition and legal challenges in its domestic market.
The company's mobile customer base in Morocco climbed to 19.1 million, with a noteworthy 4.3% rise in postpaid subscribers. Fixed-line customers surpassed 1.7 million, while broadband users approached 1.5 million, bolstered by an impressive 36% surge in fiber-to-the-home (FTTH) subscriptions.
International operations continue to be a key driver of Maroc Telecom's expansion. The mobile customer base outside Morocco reached 55.5 million, with Burkina Faso (11.8 million), Côte d'Ivoire (11.2 million), and Mali (8.5 million) making substantial contributions. The company's reach extends to other African markets, including Chad, Benin, Niger, Togo, Mauritania, Gabon, and the Central African Republic.
Despite a competitive landscape, Maroc Telecom posted robust financial results for the first half of 2024. The group's consolidated revenue hit 9.1 billion dirhams (approximately $900 million), marking a 1.2% year-over-year increase. This growth was primarily driven by international operations, which saw a 3.8% rise in revenue at constant exchange rates, fueled by a flourishing mobile data market (up 21.7%) and a 19.1% increase in fixed data demand across its subsidiaries, including Moov Africa.
However, the company's performance in its home market was less stellar. The Moroccan segment experienced a slight decline, with a 1.3% drop in revenue compared to the same period in 2023, mainly due to a 4.2% decrease in mobile revenue.
Adding to the company's challenges, a Moroccan appeals court recently upheld a ruling ordering Maroc Telecom to pay 6.3 billion dirhams ($630 million) in compensation to its competitor Wana Corporate, known by its brand name Inwi, for unfair competition practices. This fine exceeds Maroc Telecom's 2023 profit of 6.1 billion dirhams.
The legal setback follows a 2020 decision by Morocco's telecom regulator, ANRT, which fined Maroc Telecom 3.3 billion dirhams for similar market abuses, specifically hindering competitors' access to network unbundling and the fixed market.
Listed on both the Casablanca Stock Exchange and Euronext Paris, Maroc Télécom's ownership structure includes a 53% stake held by UAE's Etisalat, while the Moroccan state retains a 22% share.
As Maroc Telecom navigates these complex market dynamics and legal challenges, its ability to maintain growth, particularly in international markets, will be crucial for its future success in the competitive telecommunications landscape.
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