Maroc Telecom, Morocco’s largest telecommunications operator, reported a sharp rise in net profit to 6.97 billion dirhams ($760 million) in 2025. This surge was largely due to a weak performance the previous year, which was affected by a regulatory settlement.
The 2025 net profit represented a 288% increase compared to 2024, when earnings were significantly reduced by a 6.37 billion dirham payment to rival Wana Corporate. This payment resolved a dispute over local-loop unbundling, a regulation requiring dominant operators to provide competitors access to their fiber network.
However, excluding these exceptional items, Maroc Telecom’s adjusted net profit actually declined by 4.9% to 5.65 billion dirhams. This decrease reflects the group’s increased investment in expanding 5G services in Morocco, with capital expenditures accounting for 25.6% of revenue, according to Reuters.
Maroc Telecom’s consolidated revenue slightly declined by 0.1% to 36.6 billion dirhams.
The company’s customer base increased by 3.6% to 77 million subscribers, fueled by growth in its African subsidiaries operating under the Moov Africa brand, while its Moroccan customer base remained stable at around 22 million.
Maroc Telecom announced plans to distribute a dividend of 4 dirhams per share, totaling a payout of 3.5 billion dirhams.
The operator, listed on the Casablanca Stock Exchange and Euronext Paris, is majority-owned by the UAE’s Etisalat with a 53% stake, and the Moroccan state holds 22%. Beyond Morocco, the group has operations in Benin, Burkina Faso, the Central African Republic, Chad, Gabon, Ivory Coast, Mali, Mauritania, Niger, and Togo.