The rating agency Wara maintained the investment rating of the telephone operator Onatel Burkina Faso. A decision it justified by the high profitability of the local subsidiary of Morocco Telecom, its expertise and leadership position in the domestic market.
West Africa Rating Agency maintained Tuesday, July 12 the notes of the telecommunications operator Onatel Burkina Faso, the national leader. The rating agency confirmed the investment grade “BBB-” long-term as well as short term (w-4) with stable outlook.
Wara estimates that despite the intensity “competitive forces in the telecommunications services sector” in Burkina and despite the arrival of Orange (who took control of the Airtel, number two in the sector) in the market, “Onatel should retain a prominent place” explains onest African agency in a statement.
“in addition, the daily operational support of the majority shareholder Morocco Telecom (51% stake) allows Onatel to put in place effective procedures étrennées and for nearly a decade, “the report said.
Return
Acquired in late 2007 to 144 billion CFA francs (220 million euros), Onatel has performed well in recent years.
Between 2009 and 2015, its turnover increased by 97 billion to 145 billion CFA francs. The group has almost tripled its past profit of 9.98 billion CFA francs in 2009 to 25.3 billion CFA francs in 2015 (+ 28.5% yoy).
Despite an increase its tax burden (119 billion CFA francs of income tax last year) related to the increase of taxation driven telecom sector in 2014, Onatel has preserved its margins. Operator profitability has improved steadily to a rate margin of 17% in 2015, against 10.5% in 2012. Operating income Onatel reached 38.5 billion CFA francs the year last, up 44% year on year.
also, the Burkinabe operator maintained its investment effort to densify and expand coverage. Thus, more than 29 billion CFA francs were mobilized last year to upgrade the network to cope with traffic congestion.
6.8 million customers
End 2015 Onatel counted 6.8 million subscribers to mobile telephony (+ 24% YoY) on an estimated national park with some 12.5 million subscribers.
the local subsidiary of Morocco Telecom controls 44% of the market ahead of Airtel (37%) – fell into the lap of Orange in June – and Telecel (19%) control by the Burkinabe Apollinaire Compaore contractor.
51% owned by Morocco Telecom and 26% by the State of Burkina Faso, Onatel Burkina Faso was the first company listed on the Brvm, based in Abidjan, Ivory Coast.
Nadoun Coulibaly
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