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Maroc Telecom reports $674 million profit in 2020

02/19/2021 | 08:40am EDT

RABAT (Reuters) - Maroc Telecom, Morocco's largest telecoms operator, on Friday reported an adjusted profit of 6 billion dirhams ($674 million) in 2020, down 0.4%.

Revenue rose to 36.7 billion dirhams, up 0.7%, as an improvement of fixed broadband in Morocco offset a slowdown in mobile activities.

The company said it will pay a dividend of 4.01 dirhams per share, totalling 3.5 billion dirhams, or a yield of 2.8%.

Maroc Telecom said its customer base rose 8.1% to 73 million citing a growth of its African subsidiaries.

Last year, the company rebranded all its African branches into "Moov Africa."

It operates subsidiaries in Benin, Burkina Faso, Ivory Coast, Gabon, Mali, Mauritania, Niger, Chad, Togo and the Central African Republic.

Maroc Telecom, which is listed on the Casablanca Stock Exchange and Euronext Paris, is 53% controlled by the UAE's Etisalat, with the Moroccan state owning 22%.

(Reporting by Ahmed Eljechtimi. Editing by Jane Merriman)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CASABLANCA GROUP LIMITED -1.43% 0.69 End-of-day quote.-5.48%
DOW JONES AFRICA TITANS 50 INDEX -0.41% 524.07 Delayed Quote.-0.66%
FTSE CSE MOROCCO 15 INDEX 0.37% 11770.97 Delayed Quote.14.68%
ITISSALAT AL-MAGHRIB (IAM) S.A. -0.29% 137.1 End-of-day quote.-5.45%
S&P AFRICA 40 INDEX -0.85% 169.79 Delayed Quote.-1.02%
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