Telecom Egypt posts net profit of EGP3.5 bln, increasing 14 % during 2018
Telecom Egypt, Egypt’s primary telephone company, reported consolidated profits of 3.49 billion Egyptian pounds during 2018, compared to 3.05 billion pounds in 2017 including minority rights, with an increase of 14.26 percent.
Telecom Egypt ended 2018 with a larger customer base and with a 1 percent dip in fourth quarter revenue, with a surge in home and consumer turnover but a 53 percent drop in international customer and network revenue, as a result of the absence of cable projects.
Telecom Egypt’s financial indicators revealed revenues of 22.77 billion pounds in 2018, up from LE 18.56 billion in the prior year.
Managing Director and Chief Executive Officer of Telecom Egypt Ahmed el-Beheiry said earlier that his company expects to end 2018 beating their revenue guidance due to the MENA acquisition and Bharti deal. “With this generated non-recurring revenue, we expect to continue to grow from this high base in 2019,” he stressed.
“In 2019, we will continue to invest in our fiber network to meet the growing demand for our fixed and mobile broadband offerings, and cater to the growing traffic of domestic and international operators,” Beheiry stated.
As per standalone profits, the company reached profits of 1.25 billion pounds in 2018, compared to 459.87 million pounds in 2017
The company’s consolidated results slipped 18.2 percent during the first half of 2018, recording 2.06 pounds billion, compared to 2.52 billion pounds during the same period of 2017.