(Ecofin Agency) - Sonatel Group, a leading telecommunications company operating in Senegal, Mali, Guinea, Guinea-Bissau, and Sierra Leone, has reported a consolidated net profit of CFA331.7 billion ($548.8 million) for FY 2023. This represents an increase of 19% compared to the CFA279 billion recorded in 2022. The company's consolidated revenue rose by 11.4%, reaching CFA1,620.7 billion.

The notable financial performance is attributed to substantial investments aimed at meeting the growing demands of customers in a challenging environment characterized by intense competitive pressures and socioeconomic challenges. The company's investment expenditures for the year totaled CFA253.5 billion.

Sonatel also cited the expansion of its mobile operations, Orange Money services, and high-speed broadband across all its markets, for both retail and business sectors. In 2023, the company experienced a 6% increase in its subscriber base for fixed-line, mobile, and internet services, totaling 41.1 million customers. Furthermore, the number of Orange Money subscribers surged by 19.8%, reaching 31.6 million, with 11.7 million active users.

Looking ahead to 2024, Sonatel plans to continue its multi-service operator strategy by focusing on growth drivers such as high-speed fixed broadband (fiber optics) and mobile broadband (5G, 4G), along with the enterprise market. CEO Sékou Dramé expressed the company's intention to "continue strengthening our position in the Mobile Money market by leveraging AI and digital technologies, our superApp Max it, and developing new products for an enhanced customer experience."