Maroc Telecom Reports 5.4% Revenue Growth Despite 40% Profit Drop

Rabat – Moroccan telecommunication operator Maroc Telecom (IAM) reported higher revenue in the first half of 2026, driven by growing demand for mobile internet and fiber services in Morocco.

The company also attributed the growth to strong performance from its African subsidiaries. However, Maroc Telecom reported a decline in profit due to a one-time gain recorded last year.

The telecom operator posted revenue of MAD 19 billion ($2.1 billion) for the first six months of the year, a 5.4% increase compared to the same period in 2025. Growth was largely fueled by a 7.5% rise in revenue from its Moov Africa subsidiaries, while operations in Morocco grew by 2.2%.

Data services remained the company’s strongest growth driver. In Morocco, mobile data revenue climbed 20.2%, while fixed data revenue increased 12.3%, supported by the continued expansion of Maroc Telecom’s fiber-to-the-home (FTTH) network.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA), a key measure of operating performance, rose 5.1% to MAD 9.54 billion ($1.06 billion), with its EBITDA margin remaining above 50%.

However, net profit attributable to shareholders fell to MAD 2.48 billion ($276 million) from MAD 4.12 billion ($458 million) a year earlier. Maroc Telecom said the decline reflected an exceptional payment linked to an agreement with Wana Corporate that boosted its first-half 2025 results. Excluding that one-off gain, the company said its underlying net performance increased by 8.1%. 

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The results point to a broader shift in Morocco’s telecommunications market, where growth is increasingly coming from internet services rather than traditional voice offerings. With consumers using more mobile data and demanding faster home internet connections, telecom operators have stepped up investments in fiber and next-generation mobile networks.

Maroc Telecom invested the equivalent of 17.6% of its revenue during the first half of the year, continuing to expand its broadband infrastructure in Morocco while increasing spending across its African subsidiaries, particularly in high-speed internet and mobile money services.

The group’s international business continued to play a major role in its performance. Revenue from Moov Africa operations rose 7.5%, supported by a 12.5% increase in mobile data usage and an 18.2% jump in mobile money services. EBITDA from the international business grew 8.7%, which reflects the increasing importance of the company’s African markets to its overall growth.

Despite geopolitical tensions and higher operating costs affecting some markets, Maroc Telecom maintained its financial outlook for 2026. The company expects revenue and EBITDA to continue growing while maintaining a high level of investment in its network infrastructure throughout the year.

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