Telecom Egypt Q1 profit rises 5%

Telecom Egypt reported a 5 percent rise in first quarter net profit, the state-owned landline monopoly said on Monday.

The company made a net profit of 1.34 billion Egyptian pounds ($74 million) in first quarter of 2017, compared with 1.276 billion pounds last year. Revenue rose 37 percent year-on-year to 4.2 billion pounds during the first three months of 2017.

Telecom Egypt earlier in August 2016 acquired the country’s first 4G mobile licence at a cost of 7.08 billion pounds, paving the way for it to become the fourth mobile provider in Egypt.