Business

Maroc Telecom 2016 revenue gets boost from Africa business but profit flat

Revenue from Maroc Telecom’s international activities grew 9.4 per cent, where mobile growth grew by 75.2 per cent in Niger, 32.8 per cent in Ivory Coast, and 15 per cent in Togo.

Maroc Telecom, Morocco’s largest telecom operator, said on Monday its 2016 net profit attributable to shareholders was flat at 5.59 billion Moroccan dirhams while revenues were boosted by African subsidies.

Excluding restructuring expenses for a voluntary redundancy plan, 2016 earnings rose by 3.2 per cent from a year earlier to 5.77bn dirhams.

The company, controlled by UAE’s Etisalat Group, said consolidated revenue rose 3.3 per cent in 2016 from a year earlier to 35.25bn dirhams on domestic revenues and steady international growth.

Maroc Telecom chairman Abdeslam Ahizoune said in a statement the 2016 fiscal year “exceeded expectations.”

Mobile revenue in Morocco, its main source of income, dropped by 1.1 per cent though overall revenue in Morocco rose 1 per cent. Its customer base grew by 6.3 per cent to more than 54 million customers, largely due to a 10 per cent growth of its African subsidiaries’ customer base.

Revenue from Maroc Telecom’s international activities grew 9.4 per cent, where mobile growth grew by 75.2 per cent in Niger, 32.8 per cent in Ivory Coast, and 15 per cent in Togo.

Etisalat bought Vivendi’s 53 per cent stake in Maroc Telecom in 2013 for €4.2bn, and as part of the deal Maroc Telecom acquired six African assets from Etisalat.

* Reuters

business@thenational.ae

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From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Why are you, you?

Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
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We are a twenty first century wonder.
Universal ideals, visions of art and truth.
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new answers are given wings.

Why are you, you?
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with the unique light of art.

 Ben Okri,

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

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Uefa Champions League, last-16, second leg (first-leg scores in brackets):

PSG (2) v Manchester United (0)

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Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

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