Maroc Telecom reached a remarkable 79.7 million clients by the end of September 2024, showing a 6.1% increase over the previous year. This growth was driven by strong gains in Morocco’s mobile postpaid sector and continued expansion across Africa via its subsidiary Moov Africa, which reported a 4% rise in revenue.
In Morocco alone, Maroc Telecom’s mobile network served nearly 19.9 million clients, with a 3.6% rise in postpaid subscriptions helping to balance the market’s competitive pressure. On the fixed line front, 1.7 million lines were active, and fiber optic connections (FTTH) surged by 34%, which offset declining ADSL usage.
International expansion: Moov Africa’s growing client base
Outside of Morocco, Maroc Telecom’s Moov Africa units continued their upward trajectory, serving 56.05 million mobile clients across 10 African countries. Notable markets include Burkina Faso with 11.9 million users and Côte d’Ivoire with 11.7 million, while Mali, Chad, and Benin also reported strong user bases. Moov Africa’s fixed-line customers totaled 400,000, with Mali leading at 253,000 lines, followed by Burkina Faso, Gabon, and Mauritania.
The demand for mobile data and internet services was a key driver of this growth, with mobile data up 15.7%, fixed internet surging 22.9%, and Mobile Money services up by 6.5%. Excluding reductions in call termination rates, Moov Africa’s revenue grew by 4.5%, underscoring the robust demand for digital services in the region.
Financial performance and strategic investments
Despite increased competition, Maroc Telecom’s consolidated revenue rose to 27.46 billion dirhams by September 2024, a slight 0.7% increase. This was due primarily to the resilience of Moov Africa, whose revenue growth counterbalanced a 2.2% decline in Moroccan earnings. Domestic revenue reached 14.42 billion dirhams, impacted by a 6.1% drop in mobile revenue. However, fixed data services grew by 10.5%, partly offsetting losses from mobile and traditional voice services.
The group’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) hit 14.22 billion dirhams, with a high margin of 51.8%. However, net profit dipped to 4.49 billion dirhams, marking a 2.3% decrease, while operating profit (EBITA) stood at 8.92 billion dirhams, reflecting a 2.2% drop from last year.
Maroc Telecom continued to invest heavily, with 19.1% of revenue allocated to non-license and non-frequency investments, underscoring its commitment to enhancing infrastructure and preparing for advanced technological deployments. These capital investments focus on expanding access to high-speed internet, an area the group is prioritizing in both Morocco and other African markets.
Rising demand for fixed and mobile internet services
Within Morocco, demand for fixed and internet services grew by 2.9% compared to 2023, with fixed data usage jumping 10.5%, which compensated for the decrease in voice services. Internationally, Moov Africa’s revenue of 13.91 billion dirhams was bolstered by substantial increases in mobile data and fixed internet services, as well as a rise in mobile financial services.
Outlook and adaptation in a competitive market
Maroc Telecom’s strong market position comes amid a fiercely competitive telecom environment. The group’s performance reflects both strategic cost optimization and targeted investments to ensure sustainable growth. By continuing to develop high-speed internet services and preparing for next-generation technology, Maroc Telecom is positioning itself for long-term resilience and expansion in Morocco and beyond.
