The Maroc Telecom Group achieved a turnover of more than 18.3 billion dirhams during the first half of 2020, up 2.7% (stable on a comparable basis).
This performance, in a context of health crisis linked to the pandemic of the new coronavirus (covid-19), is mainly due to the development of Data Mobile and Mobile Money services internationally and the development of Fixed Data in Morocco, explains Maroc Telecom in a press release on its half-yearly results.
At the end of June 2020, activities in Morocco generated revenue of 10.5 billion dirhams, down 1.8% compared to the same period in 2019, due to the drop in mobile revenue, which is suffering from the impacts of the crisis in particular on the activities of international incoming, outgoing prepaid and roaming, said the same source, noting that this decline is mitigated by the increase in Mobile and Fixed Data.
In addition, Maroc Telecom also indicates that the operating income before depreciation (EBITDA – Earnings before interest, taxes, depreciation, and amortization) for the same period came to nearly MAD 6 billion, down 2.5% compared to the last year, due to the decline in turnover. The EBITDA margin stood at a high level of 56.8%.
As for adjusted operating profit (EBITDA), it stood at around 4 billion dirhams, down 3.2% year-on-year, mainly due to the decline in EBITDA. The adjusted EBITA margin rate was 38.4%, while adjusted net operating cash flow in Morocco increased by 11.5%.
Internationally, the Group’s activities have so far shown resilience with sales up 6.3% (+ 0.1% on a comparable basis) compared to 2019, despite the economic context marked by the consequences of the covid-19 crisis.
The growth of Data Mobile and Mobile Money services more than compensated for the drop in voice revenues, underlines Maroc Telecom, adding that during the first six months of 2020, EBITDA increased by 10.7% at MAD 3.6 billion (+ 8.5% on a comparable basis). The EBITDA margin rate reached 43.6%, up 1.7 points (+3.4 points on a comparable basis), thanks to the improvement in the gross margin rate and lower operating costs. During the same period, adjusted EBITDA increased by 6.3% (+ 8.8% on a comparable basis) to stand at nearly MAD 1.8 billion, representing a stable adjusted EBITDA margin of 21, 6% (+1.7 pt on a comparable basis).