Global Arab Network | .15 billion Maroc Telecom income in 2009

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$1.15 billion Maroc Telecom income in 2009

Global Arab Network - - Rabih Serrai

Thursday, 25 February 2010 13:10

Maroc Telecom, the Moroccan phone and internet company controlled by Vivendi SA, said its 2009 net earnings fell to 9.42 billion dirhams ($1.15 billion) adding that its consolidated revenue rose 2.8 % to 30.34 billion dirhams.

Net income decreased 1 % compared to 2008 as it invested to extend its mobile customer base, the company said in a statement.

The number of mobile customers continued to expand in the fourth quarter, ending the year with an increase of 5.6 % compared to 2008 to reach 15.272 million, the phone and Internet company noted.

Commenting the 2009 consolidated results, Chairman of the Management Board of Maroc Telecom Abdeslam Ahizoune said that "in a difficult environment, Maroc Telecom Group exceeded its forecasts both for revenue growth and a stable operating margin."

"Notwithstanding the acquisition of a 51 % stake of Sotelma in Mali and a dividend payout ratio of 100 %, the company has maintained an active investment policy focused on enhancing the quality of its services and spurring innovation for clients," he added.

The Group's 2009 consolidated earnings from operations amounted to 14 million dirhams, up 0.9 % compared to 2008, the statement said, adding that this increase was achieved in spite of the impact of maintaining promotional initiatives aimed at stimulating markets and the increased amortization expenses arising from the ongoing capital expenditure program. Consolidated operating margin came to 46.2 %, it noted.

After distributing a 9.5 billion-dirham dividend to shareholders in respect of fiscal 2008 and network capital expenditures of more than 5.8 billion dirhams, the Group's consolidated net cash position amounted to a negative 3.6 billion dirhams at December 31, 2009 compared to 376 million dirhams on December 31, 2008.

Regarding the 2010 outlook, the company said that based on current market conditions and barring any unforeseen disruptions to the Group's operations, Maroc Telecom will achieve moderate growth in revenues in 2010, driven mainly by growth of subsidiaries, and will maintain profitability at high levels while pursuing a sustained capital expenditure program. (MAP)

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