Telecom Egypt profits rise 12.3% in Q2

Telecom Egypt posted a 12.3 growth year-on-year growth in consolidated profits for the second quarter of 2018, recording 1.37 billion pounds, versus 1.22 billion pounds.

In the first half of 2018, the state-owned landline monopoly’s net profit fell 18.2 percent to 2.06 billion pounds, from 2.52 billion pounds in the first half of 2017, the company said in a filing to the Egyptian Exchange (EGX) on Tuesday.

Revenues increased to 10.12 billion pounds in the six-month period ended June, compared to 8.73 billion pounds in the year-ago period.

Meanwhile, standalone profits rose to 1.42 billion pounds in the first half of the year, versus 1.39 billion pounds in the corresponding period of 2017.

The EGX-listed company previously reported a 48 percent year-on-year drop in consolidated profits for the first quarter of this year, generating 689.6 million pounds in net profit from 1.3 billion pounds, including minority shareholders’ rights.