Telecom Egypt H1 net profit climbs 88% y-o-y

State-run Telecom Egypt reported on Tuesday an 88 percent year-on-year growth in net profit for the first half of the year.

Net profit recorded 3.9 billion Egyptian pounds ($249.20 million) for the first half of 2021, that ended in June.

Total consolidated revenue also rose 16 percent year-on-year to 17.4 billion pounds at the end of June.

Telecom Egypt added in its statement that it had received a second payment from its profit share in Vodafone Egypt worth 3.6 billion pounds in July.

“I am very proud of our performance during the first half of the year, as we continue to deliver on our growth targets; both operationally and financially. Top line grew 16% YoY mainly owed to significant data growth of 31% YoY, which, in parallel to the continued cost containment efforts, sustained the improve profitability.” TE chief executive Adel Hamed said.

“EBITDA margin came in at 39% and operating profit grew almost 60% YoY, trickling down to an organic net profit growth of 54% YoY.”