Telecom Egypt to disclose H1 results on August 11

Big 5

Telecom Egypt (ETEL.CA) announced Sunday that it will disclose its financial results for the first half of the year on Thursday, according to a bourse filing.

The disclosure will be made before the start of Thursday’s trading session in Cairo and London bourses, the filing added.

The company post net profit of 1.2 billion Egyptian pounds ($135.2 million) in the first quarter of 2016, compared with 556.1 million pounds for the prior-year quarter.

On the other hand, TE declined to perform any monopolistic practices asserting that it submitted a request of reconcile with the Egyptian Competition Authority (ECA) regarding its violation of Article 8 of the law on the Protection of Competition and Prohibition of Monopolistic Practices.

Telecom Egypt partly disconnected companies in the internet industry from the internet supply line. This came after Telecom Egypt had replaced its copper cables with optical fibre cables, but had not fully reconnected the companies to the infrastructure after the replacement was completed. Telecom Egypt had also failed to notify the companies about the replacement plans.

Additionally, Telecom Egypt was also accused of imposing some unfamiliar conditions services to companies throughout the replacement period, which lasted from September 2013 until October 2015.

Telecom Egypt is the sole owner of Egypt’s internet infrastructure, and is the only entity allowed to supply internet providers with the needed connections. The ECA had announced the violation of Telecom Egypt on 8 March.