Maroc Telecom, Morocco reports 6.4% higher profit despite legal battle

Maroc Telecom on Friday posted a 6.4% rise in 2023 profit to 6.195 billion dirhams ($615 million) and said it planned to appeal a court order that threatens to wipe out its earnings.

Morocco’s largest telecoms operator has been ordered by a Moroccan court to pay 6.3 billion dirhams to rival Wana Corporate, better known by its brand name Inwi, for unfair competition practices.

The company posted a 3% rise in revenue to 36.8 billion dirhams and forecast a stable performance in 2024.

Its customer base grew by 0.7% to 76 million.

The operator said it would pay a dividend of 4.20 dirhams per share totalling 3.7 billion dirhams.

Maroc Telecom, which is listed on Casablanca stock exchange and on Euronext Paris, is 53% controlled by the UAE’s Etisalat while the Moroccan state holds a 22% stake. Reuters