Telecom Egypt’s revenues goes up yet net profits slides during Q1

Telecom Egypt reported 7 billion Egyptian pounds in revenues in the January-March period, increasing 15 percent from 6.08 billion pounds in the corresponding period in 2019, according to a bourse disclosure on Thursday.

However, the company posted net profits of 1.313 billion Egyptian pounds in the first quarter of 2020, down by 19 percent year-on-year (YoY) from 1.616 billion pounds.

The drop in net profits was ascribed to a “a 28 percent YoY decline in investment income from Vodafone resulting from one-off costs and provisions, which offset the strong operational growth and the FX gains,”