Telecom giant Orange Group records growth in turnover, net profit

BREAKING NEWSFebruary 23, 2024 at 2:40 PM UTC

TLDR

Orange Group showcased impressive resilience and growth in 2023 despite challenges in Ivory Coast, Burkina Faso, and Liberia.
The company's initiatives, including revamping offerings and expanding networks, led to significant growth in its customer bases, with a 9.5% increase in the FMI base.
Orange Group recorded a consolidated turnover of 1.016 trillion FCFA, up by 5.3% in 2023, driven by positive results in Orange Money activities and fixed internet subscriptions.

Despite facing aggressive competition in the Ivory Coast, security challenges in Burkina Faso, and currency instability in Liberia, telecom giant Orange Group - the parent company of the BRVM-listed Orange CI - showed impressive resilience in 2023, posting growth in both its turnover and net profit.

To address the challenges encountered during the year, the Group implemented various initiatives, including revamping its offerings, undertaking significant recruitment efforts, modernizing mobile networks, and expanding fiber networks. These actions resulted in significant growth in the company's mobile, Orange Money, and fixed internet customer bases. There was a 9.5% increase in the Fixed, Mobile, and Internet (FMI) base and a 13.0% increase in the Orange Money base in 2023.

Thanks to this strong operational performance, Orange recorded a consolidated turnover of 1.016 trillion FCFA ($1.7 billion), representing a 5.3% increase. The Group also experienced a positive recovery in Orange Money activities and witnessed growth in fixed internet subscriptions, aligning with its fiber deployment strategy.

Key Takeaways

The Bourse Régionale des Valeurs Mobilières (BVRM) is a regional stock exchange serving several West African countries, located in Cote d'Ivoire. In December 2022, the Ivorian subsidiary of French telecoms company Orange was listed on the West African bourse, following a successful initial public offering. Orange Cote d'Ivoire launched an initial public offering with stock worth 140.98 billion CFA francs ($215 million) sold at 9,500 CFA francs per share to private investors and 7,600 CFA francs per share to Orange Cote d'Ivoire employees. The company issued 13,470 shares at 10,210 CFA francs ($16.62) per share shortly after, giving Orange Côte d'Ivoire the second largest market capitalization after Senegalese telecoms company Sonatel.

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