Telecom Egypt profits rise by 179% in Q1 of 2023

State-run Telecom Egypt’s (TE) profits rose by 179 percent to 3.8 billion Egyptian pounds during the first quarter of 2023. The profits went up from 1.36 billion pounds during the same quarter last year.

The company said in a statement that its revenues rose to 4.1 billion pounds after increasing by 144 percent from the year before.

The total income reached 14 billion pounds, with a growth of 48 percent in comparison to the year before.

A few days ago, Telecom Egypt made a deal to sell a ten percent stake in the company for 196 million pounds.