Telecom Egypt's net profit increased 48% in first 9 months of 2023

Ahram Online , Wednesday 15 Nov 2023

Telecom Egypt (TE) recorded a net profit of EGP 9.1 billion during the first nine months of 2023, up 48 percent from the corresponding period last year, the company said in a statement on Tuesday.

File Photo:A Telecom Egypt building is seen at the Smart Village in the outskirts of Cairo. (Reuters
File Photo:A Telecom Egypt building is seen at the Smart Village in the outskirts of Cairo. (Reuters)


The company's growth was driven by increased revenues and a significant expansion of its customer base.

Total revenues rose 30 percent, reaching reaching EGP 42 billion.

This includes a substantial boost in incoming international call revenues, which reached EGP 4.3 billion, and an 18 percent growth in revenues from fixed and mobile data services, which reached EGP 15.9 billion

The number of fixed-line telephone subscribers rose by nine percent, reaching 12.4 million subscribers. Meanwhile, the number of fixed internet customers increased by eight percent to 9.3 million subscribers.

The number of mobile phone subscribers also grew six percent to 15.5 million subscribers.

The outstanding financial performance of Telecom Egypt in the first nine months of 2023 reflects the company's strategic focus on expanding its services and customer base, the statement claimed.

This achievement aligns with the government's broader privatization programme, launched in February, which aims to offer 35 state-owned companies to strategic investors by the end of June 2024.

A list of 32 companies was released in February and three companies were added to it later in 2023: Eastern Company, Al Ezz Dekheila, and Telecom Egypt.

The Ministry of Finance announced in May the sale of a 10 percent stake in Telecom Egypt.

The programme has already generated $5 billion in revenue, with an additional $5 billion in deals planned to be finalized by mid-2024.

Egypt aims to collect an additional EGP 70 billion ($2.27 billion) from the programme during the fiscal year 2023/2024, fulfilling its commitments under the $3 billion loan programme with the International Monetary Fund (IMF).

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