Telecom Egypt sees EGP 3.5bn profit in 9M

Telecom Egypt achieved consolidated net profits of 3.53 billion Egyptian pounds during the first nine months of 2020, up by 3 percent  year-on-year (YoY) from  3.42 billion pounds.

Hadn’t it been for normalising for the employees’ retirement plan (ERP) cost, foreign exchange, VIS sale, and impairments during the January-September period, the company’s net profits would have grown by 21 percent YoY.

Revenues increased by 18 percent  to  22.34 billion pounds in the nine-month period ended 30 September from EGP 19.01 billion in the year-ago period, “driven by a 31 percent YoY hike in retail revenue boosted by strong data growth.”

Fixed voice and broadband customers grew by 9 percent and 16 percent YoY, respectively, while mobile customers surged by 55 percent to 7.1 million.

As for standalone business, the telecom operator logged net profits of 1.85 billion pounds in the January-September period, down from 5.4 billion pounds in the year-ago period.