Maroc Telecom reported consolidated earnings results for the first quarter of 2017. For the quarter, on consolidated basis, revenues were MAD 8,517 million against MAD 8,750 million a year ago. EBITDA was MAD 4,242 million against MAD 4,214 million a year ago. EBITA was MAD 2,466 million against MAD 2,910 million a year ago. Group share of net income was MAD 1,366 million against MAD 1,526 million a year ago. CAPEX was MAD 1,187 million against MAD 2,074 million a year ago. CFFO was MAD 1,350 million against MAD 2,642 million a year ago. As of end of March, 2017, Maroc Telecom Group reported consolidated revenues down 2.7% (-1.9% at constant exchange rates), notably due to the unfavorable calendar effect and important reductions in call termination rates in Morocco and internationally. The EBITDA performance is explained by the intensification of programs seeking to cut operating costs, which drop by 2.0% at constant exchange rates, and the favorable impact of the reduction in mobile termination rates in the African subsidiaries. Apart from this effect and the real estate capital gain realized in the first quarter of 2016, the group share of net income rose by 8.7% (at constant exchange rates), notably due to the success of the restructuring of the new subsidiaries which net income, in total, is positive now.

The company provided earnings guidance for the year 2017 of stable revenues, stable EBITDA and CAPEX approximately 23% of revenues, excluding frequencies and licenses.