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RABAT, July 25 (Reuters) - Maroc Telecom, Morocco's largest telecoms operator, said first-half net profit rose 3.2 percent to 2.92 billion dirhams ($296.59 million), boosted by growth in Sub-Saharan Africa.
The company, controlled by UAE's Etisalat Group, said on Monday consolidated revenue rose 6.1 percent in the first six months of 2016 to 17.6 billion dirhams.
The company said it hit its financial goals, thanks to the rapid growth of its African subsidiaries, despite a 3.1 percent drop in mobile revenue in Morocco, its main source of income. Operating margin (EBITDA) was 48.5 percent, down 2.3 percent from the first half of last year.
Revenue in Morocco, its main market, rose 1.7 percent, and its customer base grew by 1.5 percent, and by 6.3 percent in Sub Saharan Africa to 53 million customers.
Revenue at Maroc Telecom's subsidiaries grew 17.1 percent where mobile growth is expanding by 17 percent in Gabon, 10.6 percent in Burkina Faso, 27.4 percent in Ivory Coast and 20.6 percent in Benin.
Etisalat bought Vivendi's 53 percent stake in Maroc Telecom in 2013 for 4.2 billion euros ($5.7 billion), and as part of the deal Maroc Telecom acquired six African assets from Etisalat.
Shares in Maroc Telecom rose 0.8 percent on the Casablanca Stock Exchange to 127 dirhams following the results announcement. ($1 = 9.8451 Moroccan dirham)
(Reporting by Aziz El Yaakoubi, editing by Louise Heavens) ((aziz.elyaakoubi@thomsonreuters.com; +212623934595)(;))
RABAT, July 25 (Reuters) - Maroc Telecom, Morocco's largest telecoms operator, said first-half net profit rose 3.2 percent to 2.92 billion dirhams ($296.59 million), boosted by growth in Sub-Saharan Africa.
The company, controlled by UAE's Etisalat Group, said on Monday consolidated revenue rose 6.1 percent in the first six months of 2016 to 17.6 billion dirhams.
The company said it hit its financial goals, thanks to the rapid growth of its African subsidiaries, despite a 3.1 percent drop in mobile revenue in Morocco, its main source of income. Operating margin (EBITDA) was 48.5 percent, down 2.3 percent from the first half of last year.
Revenue in Morocco, its main market, rose 1.7 percent, and its customer base grew by 1.5 percent, and by 6.3 percent in Sub Saharan Africa to 53 million customers.
Revenue at Maroc Telecom's subsidiaries grew 17.1 percent where mobile growth is expanding by 17 percent in Gabon, 10.6 percent in Burkina Faso, 27.4 percent in Ivory Coast and 20.6 percent in Benin.
Etisalat bought Vivendi's 53 percent stake in Maroc Telecom in 2013 for 4.2 billion euros ($5.7 billion), and as part of the deal Maroc Telecom acquired six African assets from Etisalat.
Shares in Maroc Telecom rose 0.8 percent on the Casablanca Stock Exchange to 127 dirhams following the results announcement. ($1 = 9.8451 Moroccan dirham)
(Reporting by Aziz El Yaakoubi, editing by Louise Heavens) ((aziz.elyaakoubi@thomsonreuters.com; +212623934595)(;))
