Telecom Egypt records $217 mln profits in H1 of 2023 – report

Telecom Egypt reported on Tuesday a net profit of 6.7 billion Egyptian pounds ($217 million) in the first half of 2023 and total revenues amounted to 28.1 billion, achieving a growth of 38 percent compared to the same period of 2022.

The state-owned telecom increased its customer base across the board, reaching 12.6 million mobile customers, a seven percent year-on-year growth, according to its latest financial report.

“We have a great opportunity to continue leading the data market and expand our mobile business,” Mohamed Nasr, Managing Director and CEO of Telecom Egypt, said in a statement.

Nasr further noted that the company was able to attract a new segment of customers in all its services, which was reflected in the profits that achieved a growth of 67 percent compared to the same period last year.