Telecom Egypt Q2 net profit jumps 139%

Telecom Egypt (TE) reported Thursday a 192.6 percent y-o-y jump in second quarter net profit 1.1 billion Egyptian pounds ($124 million. The company posted a net profit of 375.9 million pounds in the second quarter of 2015

TE highlighted in a statement that the primary driver behind surge in profits is higher total revenues, and an increase in income from investments, primarily attributable to Vodafone Egypt.

In first quarter of the year, net profit jumped 115.2 percent to reach 1.2 billion pounds.

In the first half of 2016, net profit also increased to reach 2.3 billion pounds from 932 million, marking a 148 percent increase.

TE financial statements also showed a 20 percent surge in retail business during the first half in comparison to the same period of last year.

Total revenues increased to 6.4 billion pounds during the first half, up 10 percent from the same period last year.

Broadband and Net Home ADSL subscribers increased to 3.2 million representing 76 percent of market shares according to the statement. TE attributes this to recent network improvements and replacing cooper internet cables with fiber ones in addition to expansions to further areas of the country.