Maroc Telecom, Morocco’s largest telecom operator, reported a 5.9% decline in first-quarter profit, with profit attributable to shareholders dropping to 1.43 billion dirhams ($154 million). The company’s revenue for the period fell 2% to 8.8 billion dirhams, largely due to a 3.7% drop in its Moroccan market revenue. However, the company saw a 4.1% revenue increase from its African subsidiaries, known as Moov Africa, as it continues to invest in broadband and mobile payment services across the continent.
Maroc Telecom’s customer base grew by 3.6%, reaching 80 million customers. The company, which is 53% controlled by UAE’s Etisalat and 22% by the Moroccan state, operates subsidiaries across multiple African countries, including Benin, Mali, and Chad.
The company also announced a partnership with rival Inwi to roll out a 5G network in Morocco, with a joint investment of 4.4 billion dirhams over the next three years. The deal is pending approval from the telecommunications regulator ANRT. The partnership will involve setting up two joint ventures focused on 5G infrastructure.
