Telecom Egypt (TE), which has a monopoly on the country's landlines, posted a whopping leap of 107 percent in its consolidated net profits for 2015 compared to the year before, the state-owned company stated on its website on Monday.
TE, which has 6.3 million customers, achieved EGP 2.9 billion ($370.5 million) in net profits last year against EGP 1.4 billion ($179 million) a year prior, said the company.
Total taxes collected from the company last year sharply declined to register EGP 44 million ($5.6 million) versus EGP 1.6 billion ($204 million) in 2014, mirroring the government decision to cut the income tax ceiling to 22.5 percent for individuals and corporations from 30 percent to stimulate investment.
The profits from TE’s sister companies also jumped in 2015 to EGP 1.1 billion ($140.5 million), compared to EGP 829 million ($106 million) registered in 2014.
The company, which holds a 45 percent stake in Vodafone Group Plc's local unit, saw its share dip 0.29 percent to be sold at EGP 6.78 during Monday trading session.