Morocco’s biggest telecom company, Maroc Telecom, just posted a dip in its first quarter pr0fits. The company said gains fell by 5.9%, landing at 1.43 billion dirhams ($154 million) between January and March. This was largely because of falling revenue at home, even though its businesses in other African countries are still growing.

Overall, Maroc Telecom’s revenue dropped 2% compared to the same time last year, bringing in 8.8 billion dirhams. In Morocco, revenue slipped by 3.7%, but their African subsidiaries, grouped under Moov Africa, actually saw a 4.1% boost.

Despite the revenue challenges, the company’s customer base keeps expanding. Maroc Telecom said it grew by 3.6% to hit 80 million users, helped by more investments into broadband and mobile payment services across its African markets.

Maroc Telecom, which is partly owned by the UAE’s Etisalat (53%) and the Moroccan government (22%), operates not just in Morocco but also in places like Benin, Ivory Coast, Togo, and seven other African countries.

Looking ahead, the company is gearing up for Morocco’s 5G rollout. In March, it announced a partnership with rival Inwi to jointly invest 4.4 billion dirhams over the next three years. They plan to set up two joint ventures to build the 5G fibre and tower infrastructure, pending regulatory approval, of course.

So while the home market is getting tougher, Maroc Telecom is betting big on Africa and new tech like 5G to drive its future growth.

Source: TechPoint