This growth can be attributed to a 46 percent YoY data revenue increase, accounting for 45 percent of total revenue growth. This growth results from an expanding customer base and price adjustments announced at the beginning of the year.
Additionally, international direct dialling (IDD) revenues rose by 61 percent YoY, while capacity sales surged by 90 percent YoY.
The customer base grew across all segments, with mobile up to nine percent, fixed broadband up to eight percent, and fixed voice up to four percent YoY.
Telecom Egypt’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw strong growth, rising by 34 percent YoY to reach EGP 23.5 billion, with an EBITDA margin of 40 percent.
However, net profit declined by six percent YoY, reaching EGP 8.6 billion, with a 15 percent margin.
This decline occurred despite solid operational growth and a 56 percent increase in income from vacuum furnace engineering (VFE).
Regarding capital expenditure, the company’s in-service CapEx amounted to EGP 8.6 billion, representing 22 percent of total revenue, while cash CapEx reached EGP 30.1 billion, or approximately 52 percent of total revenue.
The company’s net debt as of the first nine months of 2024 stood at 2.4 times its EBITDA, a significant increase from 1.7 times in the same period in 2023, mainly due to the depreciation of the local currency.
Free cash flow to the firm (FCFF) improved during the first nine months of 2024 compared to the first half of the year, reaching EGP -5.9 billion and EGP 48 million when excluding license fees.
“We are optimistic about the company's future and believe that macroeconomic stability will positively influence our financial position,” Nasr said.
Meanwhile, Telecom Egypt’s consolidated revenue for the first half (H1) of 2024 increased by 35 percent compared to the same period in 2023, reaching EGP 38 billion.
In related news, Telecom Egypt has entered into long-term infrastructure service agreements with Vodafone Egypt, with maturities extending until 2034, valued at EGP 30 billion. These agreements align with Telecom Egypt’s strategic plan to capitalize on its existing assets and network infrastructure.