This growth could be attributed to an increase in the retail segment revenue by 40 percent YoY, driven by a 46 percent increase in data revenue and expansion across all retail segments, Nasr said in a statement.

“Telecom Egypt's performance in the first half of 2024 exemplifies our resilience in navigating complex macroeconomic challenges, including currency devaluation and inflationary pressures, while sustaining robust growth,” added Nasr.

According to Nasr, Telecom Egypt’s most important statistics for H1 2024 are as follows.

The data services revenue contributed 48 percent to the overall increase in top-line growth, which is the company's revenue.

Additionally, revenue from international direct dialling (IDD) increased by 51 percent, while capacity sales revenue grew by 103 percent.

The company also saw an increase in its customer base across all areas.

The Fixed Voice and Fixed Broadband subscribers grew by eight percent YoY, while mobile phone subscribers rose by four percent YoY.

Telecom Egypt’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for H1 2024 reached EGP 15.5 billion, a 29 percent YoY increase, representing 41 percent of the company’s revenue.

The enhanced revenue mix and cost optimization efforts maintained the EBITDA margin at targeted levels despite the prevailing inflationary pressures.

According to Nasr, this emphasizes the company’s skilful cost management, successful monetization of infrastructure, strategic pricing adjustments, and the ability to capitalize on the expanding data market locally and internationally. These have been the key factors driving the company's revenue growth.

Furthermore, Telecom Egypt’s net profit reached EGP 6.5 billion, with a flat YoY growth. This means the company’s net profit did not change much from 2023, with an implied margin of 17 percent.

The company's in-service capital expenditures (CapEx) amounted to EGP 8 billion, representing 21 percent of total sales.

Meanwhile, cash CapEx reached EGP 27.4 billion, representing around 80 percent of the total cash CapEx budgeted for 2024.

The statement partially attributed the increase in cash CapEx to foreign currency appreciation and vendor financing payments.

The company’s net debt in H1 2024 was 2.4 times its EBITDA, a significant increase from the 1.7 times recorded in the full year 2023, mainly driven by the depreciation of the local currency.

Free cash flow to the firm (FCFF) recorded EGP -10.4 billion, due to vendor financing payments totaling EGP 7.5 billion in H1 2024 and license-related payments reaching EGP 6.4 billion.

Nasr also affirmed that Telecom Egypt will remain committed to optimizing future CapEx while ensuring business growth remains unhindered.

Moreover, Telecom Egypt’s international operations, including ICA and IC&N, saw impressive annual growth rates of 58 percent and 28 percent, respectively, due to the appreciation of foreign currencies and increased traffic volumes.

“Our vision for Telecom Egypt is to establish ourselves as a leading regional data hub and drive growth across all business fronts. We are focused on enhancing the customer experience, maximizing the value of our infrastructure and assets, and delivering superior returns for our shareholders," Nasr explained.

"As we look ahead, we are optimistic about the company's future and believe that macroeconomic stability will positively influence our financial position,” he concluded.