Itissalat Al Maghrib SA

IAM

Equity

ISIN MA0000011488 / Valor 1832967

Euronext - Euronext Paris (2024-12-24)

EUR 7.95%

Itissalat Al Maghrib SA
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About company

Itissalat Al Maghrib SA, commonly known as Maroc Telecom, is a leading telecommunications provider in Morocco and has a significant presence in several countries across sub-Saharan Africa. The company aims to strengthen its market leadership in Morocco while maximizing the growth of its subsidiaries in Africa. Maroc Telecom is focused on pursuing opportunities for external growth in high-potential markets and differentiating itself through service quality, supported by substantial investments and a continuous innovation policy. Its strategy includes stimulating the use of voice, data, and value-added mobile services through innovative and competitively priced offerings, supporting fixed network growth with attractive bundled voice-data packages, developing high-speed internet penetration, and leveraging its brand to establish itself as a reference in customer service. The company also emphasizes the importance of maintaining a rigorous financial management and a strong financial structure, alongside its commitment to international development as a growth avenue.

Summarized from source with an LLMView SourceSector: Telecommunications

Revenue Performance

In the first half of 2024, Itissalat Al Maghrib SA, also known as Maroc Telecom Group, reported consolidated revenues of MAD 18,260 million. This represents a slight increase of 0.9% compared to the same period in 2023, primarily driven by the growth of its Moov Africa subsidiaries, which saw a 3.7% increase in business activities.

EBITDA Results

For the first half of 2024, Maroc Telecom Group's consolidated adjusted earnings from operations before depreciation and amortization (EBITDA) reached MAD 9,478 million. This marks a modest increase of 0.3% from the previous year, with the EBITDA margin remaining high at 51.9%, reflecting stable performance in Morocco and growth in the Moov Africa subsidiaries.

Net Income Growth

Adjusted net income attributable to the Group for the first half of 2024 was MAD 2,943 million, showing a growth of 0.9% compared to the same period in 2023. This increase in net income highlights the company's ability to maintain profitability despite challenging market conditions.

Capital Expenditure

Capital expenditure (CAPEX) for Maroc Telecom Group, excluding frequencies and licenses, accounted for 17.6% of the Group's revenues by the end of June 2024. This level of investment is consistent with the company's full-year outlook, indicating a strategic focus on infrastructure and service improvements.

Cash Flow and Debt

Adjusted net cash flows from operations (CFFO) for the first half of 2024 amounted to MAD 4,839 million, a decrease of 2.5% from the previous year. As of June 30, 2024, the Group's consolidated net debt stood at MAD 14,383 million, representing 0.7 times the annualized EBITDA, indicating a stable financial position.

Summarized from source with an LLMView Source

Key figures

-6.47%1Y

-39.3%3Y

-45.4%5Y

Performance

20.5%1Y

22.3%3Y

20.9%5Y

Volatility