Morocco Telecom sales rise to around $ 1.9 billion in the first half of the year

Morocco Telecom sales rise to around $ 1.9 billion in the first half of the year

Casablanca: Hbadan Maskana

Etisalat sales reached 17.84 billion dirhams (1.88 billion dollars) in the first half of the year, an increase of 0.8% (at constant exchange rates) compared to the same period last year. The increase is mainly due to the increase in the company's business in Morocco, which offset the decline in revenues of its international branches during this period.
The company's sales in Morocco reached 10.71 billion dirhams (1.13 billion dollars), up 1.4%. These sales accounted for approximately 65% ​​of mobile phone sales, which increased by 2.6% over the period. The group's international sales reached 7.82 billion dirhams (824 million dollars) during the period, a decrease of 4% compared to last year.
The net profit of Telecom Morocco group reached 3.5 billion dirhams (367 million dollars) during this period, an increase of 1.5%. The Group's share of these profits amounted to AED 3.02 billion (USD 318 million), an increase of 1.8% over the same period last year.
The statement underlines that the Group's net debt during this period increased by 22.8% to reach 21.03 billion dirhams (2.2 billion dollars). As part of the continuation of its expansion policy, including the acquisition of Tigo in Chad and the payment of licenses to operate networks of several African agencies.
The company's statement on its half-year results for 2019 indicated that the most striking feature of the period was the sale by the government of 8% of the company's capital in two phases: the first took place on June 17th and accounted for 6% of the capital. Directly to Moroccan institutional investors, followed by a public offer to sell 2% of the company's capital, until July 16th. Following these operations, the Moroccan government's share in the Moroccan capital Telecom fell to 22%.

Morocco

Moroccan economy