For the first nine months of 2021, adjusted earnings from operations (EBITA) came to MAD 8,504 million, down by 2.4% (-2.0% at constant exchange rates), a Maroc Telecom statement says, specifying that the operating margin stabilised at 31.7% of revenues.

The adjusted operating income before depreciation and amortization (EBITDA) of the Maroc Telecom Group reached MAD 13.829 million at the end of September 2021, down 3.7% (-3.3% at constant exchange rates), penalised by the fall in adjusted EBITDA for the activities in Morocco.

In this context, Maroc Telecom's statement specified that the adjusted EBITDA margin remains at a high level of 51.6%.

As for international activities, the same source said that adjusted earnings from operations before depreciation and amortization (EBITDA) for the first nine months of 2021 amounted to MAD 5,567 million, up 3.3% (+4.4% at constant exchange rates).

The adjusted EBITDA margin rate increased by 0.9 pt, the statement indicated, explaining that this performance is mainly linked to the improvement in the gross margin rate and ongoing efforts to optimise operating costs.

Adjusted operating income (EBITA) improved by 13.4% (+14.7% at constant exchange rates) to MAD 3,016 million, resulting in a 2.6 pt improvement in the margin rate.

On a different note, investments (excluding frequencies and licences) accelerated and were up 76.4% at end-September 2021 (+77.3% at constant exchange rates). They represent 13.3% of Group revenues and are still focused on strengthening Fixed and Mobile network infrastructures.

Adjusted net cash flow from operations (CFFO) amounted to MAD 8,387 million, down 25.3% (-24.9% at constant exchange rates) due to the increase in investments, the statement revealed, adding that at the end of September 2021, the Group's consolidated Net Debt represented 0.9 times its annualised EBITDA.

At the end of June 2021, the Group's consolidated net debt decreased by 20.1% to MAD 14,9 million, representing 0.8 times its annualized EBITDA.