RABAT: Maroc Telecom, Morocco's largest telecom operator, said a strong performance at its African subsidiaries helped drive its 2014 net profit up 5.6 percent to 5.85 billion dirhams ($613.51 million).
Sales revenue rose 2.1 percent to 29.14 billion dirhams, held back by a 0.8 percent drop in Morocco, its main market, although its customer base grew to 40 million from 37 million.
Abu Dhabi's Etisalat bought Vivendi's 53 percent stake in Maroc Telecom in 2013 for 4.2 billion euros ($5.7 billion, and as part of the deal Maroc Telecom was to acquire of six African assets from Etisalat.
Revenue at its African subsidiaries grew 21 percent in Gabon, 10.1 percent in Mali, 6.5 percent in Burkina Faso and solid growth in Mauritania, the company said in a statement on Monday.
The company said it had hit its target for an operating margin of approximately 53.8 percent as a result of cost cutting. The operating margin was 56.8 percent in 2012.
Maroc Telecom's shares rose 1.03 pct to 131.90 dirhams on the Casablanca stock exchange.
It proposed a cash dividend for 2014 of 6.9 dirhams per share, up from 6 dirhams in 2013.
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