Telecom Egypt net profit drops by 11% in 2016

State-owned Telecom Egypt (TE), which has a monopoly on the country’s landlines, announced Monday that its net profits dropped by 11 percent  in 2016, compared to 2015.

The state-owned TE posted net profits worth 2.67 billion Egyptian pounds in 2016, compared with 2.99 billion pounds the year earlier, the Egyptian company said.

Total revenues for Telecom, which holds a 45 percent stake in Vodafone Group Plc’s local branch, increased 16 percent in 2016 to 14.1 billion pounds from 12.2 billion pounds in 2015.

In August, TE was the first to sign a deal to buy a fourth-generation (4G) mobile license in the country.

Source: Ahram online