Telecom Egypt reported a net profit of EGP 6.7 billion ($217 million) in the first half of this year. The company’s total revenues grew to EGP 28.1 billion ($909 million), a 38% growth compared to the same period of the previous year.
Telecom Egypt recorded a net profit of EGP 6.7 billion ($217 million) in the first half of this year, according to its latest financial report. The company’s revenue also grew 38% year-on-year to hit EGP 28.1bn ($909 million), fueled by the 75% year-on-year growth in wholesale revenue and strong retail performance.
Per the report, the state-owned telco increased its customer base across the board, reaching 12.6 million mobile customers—a 7% year-on-year growth. The number of fixed voice subscribers and fixed-broadband internet customers increased by 5% and 8%, respectively. Telecom’s Egypt EBITDA in H1 reached EGP 11.96 billion ($387 million), surging 48% year-on-year from EGP 8.06 billion ($278 million) and recording a high margin of 42.5% from 39.5% on the enhanced revenue mix.
Mohamed Nasr, the company’s CEO, noted that he is keen to execute its plans to become “a regional data hub” while growing all other aspects of the business. “We have a great opportunity to continue leading the data market and expand our mobile business. As such, we will leave no stone unturned to continue enhancing our customer-centric strategy, seek opportunities to maximize the monetisation of our infrastructure, and increase the returns for our shareholders,” he said in a statement.
Telecom Egypt owns 45% of Vodafone Egypt, the largest mobile network operator in Egypt by active subscribers, with a 42% market share in the mobile carrier space. Vodacom Group, the South African subsidiary of London-listed Vodafone owns 55% of the company. In May, Egypt’s government sold 9.5% of its stake in Telecom Egypt as part of a move to raise revenue from privatising state-owned firms to meet a series of foreign debt obligations. Until the recent sale, the government held 80% of the Egyptian Stock Exchange-listed company, with the rest in free float.
