The adjusted Group share of Net Income rose by 0.5% at constant exchange rates thanks to the sharp increase in net income from the activities of the Moov Africa subsidiaries, the group said Thursday in a press release.

At the end of December 2021, the adjusted earnings from operations before depreciation and amortization (EBITDA) of the Maroc Telecom Group stood at MAD 18,589 million, down 2.7% (-2.2% at constant exchange rates).

Adjusted EBITDA margin remains high at 51.9%, stable over the year.

In the fourth quarter, the Group’s adjusted EBITDA increased by 1.3% at constant exchange rates to MAD 4,760 million thanks to rigorous cost management.

At the end of 2021, adjusted earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 11,234 million, down 6.0% compared with 2020, the Group said.

The adjusted EBITDA margin rate remained high at 56.4%.

In 2021, the adjusted earnings from operations before depreciation and amortization (EBITDA) stood at MAD 7,355 million, up 2.9% (+4.2% at constant exchange rates(1)). The adjusted EBITDA margin was 43.5%, up 1.1 pt thanks to the improvement in the gross margin rate.

At the end of 2021, the adjusted earnings from operations (EBITA) of the Maroc Telecom Group stood at MAD 11, 586 million, up 0.4% at constant exchange rates(1), thanks to lower depreciation.

The adjusted EBITA margin rose by 0.8 pt to 32.4%.

In Morocco, Adjusted earnings from operations (EBITA) reached MAD 7,599 million, down 5.9%. It represents an adjusted margin rate of 38.2%, while at the international level they improved by 13.3% (+14.8% at constant exchange rates) to MAD 3,988 million, due to the increase in EBITDA.

Investments excluding frequencies and licences are sharply increasing to support a desire to strengthen Fixed and Mobile network infrastructures and represent 15.3% of revenues, in line with the objective announced for the year, according to the same source.

Regarding activities in Morocco, adjusted cash flows from operations (CFFO) fell by 22.5% at constant exchange rates, reaching MAD 12,110 million due in particular to the increase in investments.

At 31 December 2021, the consolidated net debt of the Maroc Telecom Group represented 0.7 times the Group's annual EBITDA.