Telecommunication services: approx. 70%
Data and internet services: approx. 20%
Other services: approx. 10%

TOP 3 markets:
Morocco: approx. 50%
Sub-Saharan Africa: approx. 30%
Middle East and North Africa (MENA): approx. 20%

Itissalat Al-Maghrib (IAM) generates the majority of its revenues from telecommunication services, including mobile and fixed-line services. The domestic market of Morocco remains the largest revenue contributor, followed by a significant presence in Sub-Saharan Africa, where IAM operates in several countries. The MENA region also contributes to revenue generation, albeit to a lesser extent compared to the other two regions.

Production Sites: Morocco

Itissalat Al-Maghrib (IAM) S.A., also known as Maroc Telecom, is a leading telecommunications company in Morocco. The company mainly provides its services within Morocco and operates its essential operational activities there. This is a service company that does not produce physical products in the traditional sense, but provides telecommunications services such as mobile, landline, and internet. The infrastructure and technical facilities required for these services are mainly located in Morocco.

Revenue Growth: Estimated 5-7% annually (2025)

Investments in Infrastructure: 1 billion MAD (2024)

Itissalat Al-Maghrib (IAM) S.A. pursues a strategy based on strengthening its market position through investments in infrastructure and expanding its services. A key component of this strategy is the modernization and expansion of the existing telecommunications network to improve network coverage and quality.

In addition, IAM places a strong emphasis on digitization and the introduction of new technologies to offer innovative products and services. This includes the development of 5G technologies and the expansion of broadband services to meet the increasing demands of customers.

Another strategic focus is on geographical expansion into new markets within Africa to diversify the customer portfolio and tap into new revenue streams. IAM plans to strengthen its presence in these markets through strategic partnerships and acquisitions.

Main Imported Raw Materials/Components: Telecommunications equipment, fiber optic cables, electronic components

Main Supplier Countries: China, Germany, USA

Itissalat Al-Maghrib (IAM) S.A. mainly imports telecommunications equipment and electronic components necessary for the operation and expansion of their telecommunications infrastructure. Fiber optic cables are also a crucial part of their import list as they are essential for the expansion of broadband networks.

China is a leading supplier of telecommunications equipment and electronic components due to cost-effective production and high availability of technologies. Germany provides high-quality electronic components and specialized telecommunications devices. The USA is also a significant supplier, especially for specialized technologies and software solutions used in the telecommunications industry.

Market share in Morocco: approx. 45% (2024, estimated)
EBITDA margin: 50% (2024, estimated)
Net income growth: 8% (2023)

Itissalat Al-Maghrib (IAM) S.A. has a significant competitive advantage, especially in the Moroccan telecommunications market, where the company holds an estimated market share of about 45%. This is supported by a strong brand presence and an extensive network.

The EBITDA margin of around 50% shows that IAM is able to operate efficiently and generate high profits from its revenues. This is an indicator of strong cost control and operational efficiency.

The 8% net income growth in 2023 suggests that the company is able to increase its profitability despite a competitive environment. IAM benefits from a diversified product range and investments in new technologies that further strengthen its market position.

Institutional Investor Share: approximately 30% (estimated, 2025)
Insider Buys/Sells: No significant transactions in the last year (estimated, 2025)

The institutional investor share in Itissalat Al-Maghrib (IAM) S.A. is estimated to be around 30%. This indicates a moderate interest from institutional investors, which is attributed to the company's stable business model and market position.

Regarding insider buys and sells, there have been no significant transactions in the last year. This could suggest that the management has confidence in the current corporate strategy and future prospects. However, it is important to regularly review such data as it can change quickly.

Market share of Itissalat Al-Maghrib (IAM): 40% (estimated, 2025)

Main competitors and their market shares:

1. Orange Maroc: 30%
2. Inwi: 25%
3. Lycamobile: 3%
4. Medi Telecom: 2%

Itissalat Al-Maghrib (IAM) is the leading telecommunications provider in Morocco with an estimated market share of 40%. The biggest competitor is Orange Maroc, followed by Inwi. These three companies dominate the Moroccan telecommunications market.

IAM has a significant moat supported by its extensive infrastructure, strong brand recognition, and long-standing market presence. These factors enable IAM to maintain a leading position and preserve a competitive advantage over its competitors.

Orange Maroc and Inwi are also strong competitors with solid market shares. They continuously invest in technology and customer experience to strengthen their market position. However, IAM remains in an advantageous position due to its established infrastructure and ability to offer comprehensive services.

Overall, IAM has a significant moat, but they must remain vigilant as competitors also invest in innovations and customer satisfaction to gain market share.

Revenue Growth: 4.2% (2024)
Operating Margin: 31.5% (2024)
Market Share in Morocco: approximately 45% (2024)

Itissalat Al-Maghrib (IAM) S.A. achieved a revenue growth of 4.2% in 2024, indicating stable demand for telecommunications services in Morocco and other African markets. The operating margin of 31.5% demonstrates the company's efficiency in cost control.

IAM holds a significant market share of around 45% in Morocco, highlighting its strong market position. This dominance allows the company to benefit from economies of scale and continuously enhance its services.

Overall, IAM exhibits solid financial health and market position. Continued investment in infrastructure and new technologies could further support growth. Therefore, IAM could be an attractive investment for investors interested in long-term growth in the telecommunications sector.

Dividend yield: 4.5% (2024)
Payout ratio: 70% (2024)

Itissalat Al-Maghrib (IAM) S.A. is known for regularly distributing dividends to its shareholders. The dividend yield of 4.5% in 2024 indicates an attractive return for investors seeking regular income.

The payout ratio of 70% suggests that IAM is passing on a significant portion of its profits to shareholders, indicating a stable dividend policy. This ratio also shows that the company retains enough funds to invest in growth and expansion.

In the past, IAM has reliably paid its dividends, indicating a solid financial foundation and stable earnings. Analysts expect IAM to maintain a similar dividend policy in the coming years, provided no unforeseen economic challenges arise.