Telecom Egypt revenues grow by 48%

Telecom Egypt reported on Tuesday a 48 percent year-on-year (YoY) growth in net profit after taxes, supported by revenue growth from international calls.

During the period, the net profit reached 9.1 billion Egyptian pounds, despite the increase in financing costs by 3.7 times. The company explained in a statement.

The company also stated that the outstanding performance and an increase in investment income by 67 percent, helped to prompt revenues of 3.4 billion pounds.

The total consolidated revenue reached 42 billion pounds, achieving a growth of 30 percent compared to the same period last year.

This is the result of the doubled increase in incoming international calls compared to last year. The revenues went up by 12 percent to reach 4.3 billion pounds. Also, the rise in the dollar rate was followed by an increase of 50 percent compared to the same period last year in cable revenues amounting to 3.1 billion pounds.