July 23, 2018 / 10:34 AM / a month ago

UPDATE 1-Maroc Telecom posts 8.6 pct rise in first-half net profit

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RABAT, July 23 (Reuters) - Maroc Telecom, Morocco’s largest telecoms operator, on Monday reported first-half profit up 8.6 percent and said it is on track to hit full-year targets.

The company, which has subsidiaries in Sub-Saharan Africa, posted net profit of 3 billion dirhams ($318 million) on consolidated revenue up 5 percent at 18 billion dirhams while its operating margin rose 4 percent to 49.4 percent.

Maroc Telecom did not specify it’s full-year targets beyond saying that it expects rising revenue, citing the first half’s 9.7 percent increase to its customer base to 60 million users, of whom 18.9 million are in Morocco.

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

Maroc Telecom, listed on both the Casablanca Stock Exchange and Euronext Paris, is 53 percent controlled by the UAE’s Etisalat, with the Moroccan state owning 30 percent. (Reporting by Ahmed Eljechtimi Editing by David Goodman)

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