State-run Telecom Egypt profits jump by 22% in Q2

State-owned Telecom Egypt (TE), which has a monopoly on the country’s landlines, reported Tuesday a 22 percent growth in its net profit to reach 1,27 million Egyptian pounds during the second quarter of 2017.

The company made a 41 percent increase in its second-quarter consolidated revenues of 4,637 million pounds from 3,294 million pounds during the same period in 2016.

Chief Executive Officer’s Statement: “Our second quarter results demonstrate a continued momentum across the business with revenue growth and improved EBITDA. The company’s consolidated revenue grew 41 percent year-on-year to EGP 4,637 million and EBITDA margin of 32 percent “

“According to our conservative five year business plan, we expect to grow the Company’s service revenues by a 5-year (2018-2022) CAGR of 11 percent, with an increasing contribution from mobile services reaching 16 percent by 2022. The Company’s EBITDA Margin is projected to be in the vicinity of mid to high-20s percentage, and a yearly CapEx to revenue ratio averaging 15 percent. “We are confident in our ability to become a Total Telecom Operator, as management continues to perform incredibly well and I am excited about the opportunities ahead for Telecom Egypt.” Story provided by StockMarketWire.com

Source: BFN news