Maroc Telecom, Morocco’s largest telecommunications operator, reported a net profit of 6.97 billion dirhams ($760 million) for 2025, marking a sharp increase compared to the previous year when earnings were impacted by a major regulatory settlement. The result represents a 288 percent rise from 2024, reflecting improved financial performance following the absence of exceptional costs linked to a dispute resolution payment.
Despite the strong headline profit growth, adjusted net profit declined by 4.9 percent to 5.65 billion dirhams as the company increased investment in next-generation network infrastructure, particularly the rollout of 5G services in Morocco. Capital expenditure accounted for 25.6 percent of total revenue, highlighting the operator’s focus on long-term network modernization and capacity expansion.
Consolidated revenue remained largely stable, slipping slightly by 0.1 percent to 36.6 billion dirhams. Subscriber numbers increased by 3.6 percent to reach 77 million customers, driven primarily by growth across Maroc Telecom’s African subsidiaries operating under the Moov Africa brand, while the domestic subscriber base in Morocco remained steady at around 22 million users.
The company also announced plans to distribute a dividend of 4 dirhams per share, representing a total payout of approximately 3.5 billion dirhams. Maroc Telecom, listed on both the Casablanca Stock Exchange and Euronext Paris, is majority owned by UAE-based e& (formerly Etisalat) alongside the Moroccan state, and operates across multiple African markets including Benin, Burkina Faso, Ivory Coast, Mali, Niger, and Togo
