Maroc Telecom reported a 5.9% dip in its first-quarter profits
Despite enjoying near-monopoly status for years.
You’d think that with 80 million customers, Maroc Telecom would be laughing their way to the bank. But nope—even giants can stumble. The Moroccan telecom giant, listed on Euronext Paris and the Casablanca Stock Exchange, posted a noticeable dip in profits for Q1 2025.
Between January and March, Maroc Telecom’s profits dropped by nearly 6%, clocking in at about 1.43 billion dirhams ($154 million). This decline was primarily driven by a 3.7% drop in revenue within Morocco, despite a 4.1% increase in revenue from its African subsidiaries under Moov Africa.
Overall, the company’s revenue slipped by 2% year-over-year, totalling 8.8 billion dirhams. This dip in profits is significant for Maroc Telecom, which has enjoyed near-monopoly status for years, thanks to its close ties with the government (the Moroccan government still holds a 22% stake).
Maroc Telecom’s situation is not unique, though. Competitors in the African scene, like MTN and Airtel, have also faced their share of challenges in recent years. For example, MTN Nigeria reported a 43.5% decline in revenue in 2024, generating only $2.26 billion.
Kelechi Edeh
Nonetheless, despite the challenges, Maroc Telecom’s customer base continues to expand, growing by 3.6%. This growth is largely attributed to investments in broadband and mobile payment services across its African markets, including Benin, Burkina Faso, Central African Republic, Chad, Gabon, Ivory Coast, Mali, Mauritania, Niger, and Togo.
Looking forward, the company is setting its sights on the future: 5G. In March, Maroc Telecom partnered with rival Inwi to co-invest in 5G infrastructure, committing approximately $440 million over a three-year period.
The telco is planning to launch two joint ventures focused on building fiber optic networks and tower infrastructure. Of course, this still needs regulatory greenlight, but it shows just how serious they are about not getting left behind.
