Maroc Telecom’s adjusted Group share of Net Income was up 2.5% at constant exchange rates in the first quarter of 2022 compared with the first quarter of the previous year, driven by growth in the net income from both Moroccan and international operations.
"Maroc Telecom Group is relying on the momentum of its assets in sub-Saharan Africa and is entering the year 2022 with encouraging results," the company said in a press release.
Maroc Telecom’s adjusted earnings from operations before depreciation and amortization (EBITDA) edged down by 0.9% (- 0.1% at constant exchange rates) to MAD 4,519 million in the first quarter of 2022 thanks to ongoing efforts to control operating costs.
The EBITDA margin increased by 0.3 pt at constant exchange rates and remained at a high level of 51.5%, the release added.
Regarding activities in Morocco, adjusted earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 2,613 million, down 2.2% compared with the same period of the previous year.
The EBITDA margin improved by 0.3 pt to a high level of 54.9%.
As for international activities, adjusted earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 1,906 million, up 0.9% (up 2.8% at constant exchange rates), driven by revenue growth.
During the same period, the Maroc Telecom Group’s consolidated adjusted earnings from operations (EBITA) totaled MAD 2,815 million, up 2.5% (+ 3.2% at constant exchange rates), thanks to a decline in depreciation and amortization expense.
The adjusted operating margin increased (+1.2 points at constant exchange rates) to 32.1%.
In Morocco, adjusted earnings from operations (EBITA) amounted to MAD 1,742 million, almost stable (-0.1%), thanks to lower depreciation and amortization expense. The adjusted EBITA margin was 36.6%, an improvement of 0.9 pt.
Regarding international activities, adjusted earnings from operations (EBITA) for the first quarter of 2022 totaled MAD 1,074 million, up 9.0% at constant exchange rates, driven by EBITDA growth and lower depreciation and amortization expense.
Adjusted cash flows from operations amounted to MAD 3,151 million, up 17.5% (+18.5% at constant exchange rates) compared with the same period of 2021.
In Morocco, adjusted cash flows from operations increased by 57.1% to MAD 1,919 million at the end of March 2022.
At the international level, adjusted cash flows from operations fell by 13.8% at constant exchange rates to MAD 1,232 million, mainly due to the 97% increase in capital expenditure at constant exchange rates.
“The Group is supporting the expansion of its activities, mainly in its subsidiaries, through large-scale investment and optimization plans, spread out in a well thought-out and rational manner, particularly in the areas of Mobile Data, Mobile Money and Fixed-line broadband. By making the most of Group synergies and pooling resources, Maroc Telecom has given itself the means to achieve a continuous profitable organic growth,” the company pointed out.
“The innovation and digital transformation projects undertaken by the Group are accelerating in order to gain agility in an increasingly demanding environment, and continue to improve the customer experience,” it added.
