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

• 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.

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).

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).