(Ecofin Agency) - In Burkina Faso, Moov Africa reported a net profit of CFA5.2 billion (around $8.5 million) for the first quarter this year, up 10.7% compared to the same period in 2023 when net progit was CFA4.7 billion.

The company hailed its investment strategy deployed to enhance service quality, customer experience, and promote fiber access across the country. Despite facing challenges such as insecurity, vandalism, increased competition, and a decline in prepaid voice services, Moov Africa managed to reverse the downward trend experienced in 2023, when its net profit dropped by 14% compared to 2022.

The subsidiary of Maroc Telecom Group witnessed a rise in revenue from CFA34.6 billion to CFA35.1 billion. This growth was primarily driven by strong performance in mobile internet revenue, facilitated by high-speed connections and reliable connectivity, largely supported by fiber-to-the-home technology.

However, the company noted a challenging local environment characterized by intensified competition, fiscal pressure, security threats, and rising energy costs during the first quarter of 2024. In response, Moov Africa has set ambitious investment goals for 2024, focusing on expanding and modernizing its mobile, internet, and high-speed broadband networks.

As of March 31, 2024, Moov Africa boasted 11.8 million subscribers to telephony services (fixed and mobile) and 7.2 million internet subscribers. According to the Regulatory Authority for Electronic Communications and Posts (ARCEP), Moov Africa held a market share of 42.91% in the third quarter of 2023, while its competitors Orange and Telecel controlled 45.85% and 11.24%, respectively.