Telecom Egypt records 32% revenue increase in Q3

State-run Telecom Egypt (TE) has recorded a 32 percent year-on-year increase in revenue in the third quarter to 11.87 billion Egyptian pounds from 9.01 billion in the same period last year, according to its statement on Monday.

This increase is mainly driven by recognition of 1.6 billion pounds cable projects revenue followed by 19 percent higher data revenues, the statement added.

Over the first half of the year, the net profits of the company came in at 3.78 billion pounds, compared to 3.87 billion pounds in the year-ago period, including minority shareholders’ rights.

Home and Consumer turnover was up by 17 percent year on year and Enterprise revenue by 18 percent to record 5.532 billion pounds, compared to 4.72 billion.

The company reported the earnings before interest, taxes depreciation, and amortization to reach 5.28 billion pounds, which representing annualised growth of 47 percent, while net profit totalled 2.39 billion pounds, up from 2.23 billion pounds.