Telecom Egypt Unveils EGP22 bln Assets in 2013-End

Eng. Mohamed Al-Nawawi, CEO of Telecom Egypt (TE) (ETAL-CA) said the volume of TE’s assets amounted to EGP22 billion at the end of 2013.

Al-Nawawi added that TE has one of the largest real estate asset portfolios in Egypt, stressing that most of the company’s assets are buildings ,branches and centrals across republic.

TE’s profits reached around EGP2.96 billion in 2013, whereas the company’s revenues amounted to EGP11.14 billion, Nawawi explained.

The retail sector contributed with 43% of the company’s revenues so the housing sector seized 27% of the company’s business with about EGP3 billion revenues noting that the retail unit of the companies accounted for 17% of the company’s revenue worth EGP1.8 billion.

Moreover, the numbers of fixed line subscribers fell by 6.8 million users , while the number of internet subscribers up 7.1 million through TE Data , stressing that it accounts for 63.4 % of the market share of Internet users.