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Same-Day Analysis

Maroc Telecom Reports 9.6 Mil. Sub-Saharan African Mobile Subscribers in December 2011

Published: 27 February 2012

Maroc Telecom has reported that its four subsidiaries in sub-Saharan Africa reached a total of 9.626 million mobile subscribers by 31 December 2011, a 40.9% increase compared to 6.834 million in 2010.



  • Maroc Telecom's subsidiaries reported a combined 2.7% increase in fixed lines to reach 299,000 and a 28.6% increase in broadband subscribers to reach 99,000.
  • The operator saw particularly strong growth in Mali, with SOTELMA reporting a 102% increase to reach 4.376 million mobile subscribers. Following in the footsteps of Onatel (Burkina Faso), SOTELMA plans to raise some USD 200 million through a listing on the regional stock exchange in the first half of 2012.

Mobile Subscribers, Q4 2009-Q4 2011 (million)

Operator

Q4 2009

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

% CAGR

Burkina Faso

1.569

2.397

2.692

2.796

2.829

2.971

23.9

Gabon

0.513

0.699

0.398

0.448

0.455

0.532

-23.9

Mali

0.818

2.162

2.614

3.284

3.655

4.376

102.4

Mauritania

1.335

1.576

1.696

1.827

1.772

1.747

10.9

Total

4.235

6.834

7.400

8.355

8.711

9.626

40.9

Source: Maroc Telecom

In Mali, SOTELMA reported a 102% increase to reach 4.376 million mobile subscribers, while in Burkina Faso Onatel reported a 23.9% increase to reach 2.971 million and Mauritel reported a 10.9% increase in Mauritania to reach 1.747 million. In Gabon, the mobile subscriber base shrank by 24% from last year following a subscriber database update that was carried out at the beginning of the year.

The number of fixed lines in service increased by 2.7% to reach 299,000 and the number of broadband subscribers increased by 28.6% to reach 99,000 (see tables below).

Fixed-Line Subscribers, Q4 2009-Q4 2011 ('000)

Operator

Q4 2009

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

% CAGR

Burkina Faso

152

144

143

143

142

142

-1.7

Gabon

36

27

24

24

24

22

-15.4

Mali

65

79

80

87

90

94

18.7

Mauritania

41

41

40

41

41

41

1.4

Total

294

291

287

295

297

299

2.7

Source: Maroc Telecom

Broadband Subscribers, Q4 2009-Q4 2011 (’000)

Operator

Q4 2009

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

% CAGR

Burkina Faso

23

28

29

29

30

31

9.5

Gabon

20

22

23

22

23

24

6.5

Mali

7

20

24

28

32

37

87.9

Mauritania

6

7

7

7

7

7

1.4

Total

56

77

83

86

92

99

28.6

Source: Maroc Telecom

Our Take

Maroc Telecom reported that in the 2011 financial year, the group's international activities generated net revenues of 6.066 billion dinar (USD 710.6 million), an increase of 8.9% compared to MAD5.572 billion in 2010. The operator said that this performance was the result of very strong growth in mobile customer bases and higher customer usage, all in an intensely competitive operating environment.

Last week, SOTELMA announced plans to list shares on the West African regional stock exchange, Bourse Régionale des Valeurs Mobilières (BRVM). According to Maroc Telecom, the operator reported a 34.8% increase in revenue to reach MAD2.123 billion in 2011, compared to MAD1.575 billion in 2010. SOTELMA plans to sell 20% of its shares on the BRVM by the end of June 2012, according to Reuters, and hopes to raise some 100 billion CFA francs (USD202 million) in the process (see Mali: 24 February 2012: SOTELMA to List Shares on West African BRVM Bourse).

Maroc Telecom purchased a 51% stake in SOTELMA in July 2009 for USD383 million (see Mali: 9 July 2009: Maroc Telecom Takes 51% Stake in SOTELMA for USD383 Mil.). SOTELMA will join other telecoms operators listed on the BRVM, including Sonatel (Senegal) and Onatel, which raised XOF29 billion from the sale of a 20% stake in 2009 (see Burkina Faso: 29 March 2009: Onatel Raises USD60 Mil. in IPO).

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