Telecom Egypt Sees 4% Revenue Growth In 2013

Mohamed El Nawawy, CEO of landline operator Telecom Egypt (TE) said that the company expected revenue growth by 3-4% in 2013, as it continues to boost its capabilities in local market, in addition to projected higher revenues from the virtual network.

In an interview with Mubasher, the top official indicated that TE’s is financially well established, with financial surplus of around EGP 5.7 billion by 2012-end. He added that this year’s performance will be better.

TE had released its consolidated financial results for FY12, which demonstrated EGP 2.611 billion net profit after tax, with a drop of 12.8% year-over-year from EGP 2.993 billion.

Meanwhile, revenues jumped 1.6% from EGP 9.87 billion in FY11 to EGP 10.032 billion.