File Photo:A Telecom Egypt building is seen at the Smart Village in the outskirts of Cairo. (Reuters)
Telecom Egypt (TE), which has a monopoly on the country's landlines, announced a decline of 11 percent in net profit in 2016 compared to the previous year, the state-owned company stated on its website on Monday.
The state-owned TE achieved EGP 2.67 billion in net profits in 2016 against EGP 2.99 billion the year before, the company said.
Total revenues for Telecom, which holds a 45 percent stake in Vodafone Group Plc's local branch, increased by 16 percent in 2016 to EGP 14.1 billion from EGP 12.2 billion in 2015.
In August, TE was the first to sign a deal to buy a fourth-generation (4G) mobile license in the country.