Telecom Egypt sees 5% rise in Q1 net profits

Ahram Online , Monday 15 May 2017

Telecom Egypt posted a five percent year-onyear increase in net profits in the first quarter of 2017, with profits of EGP 1.4 billion, to achieve a profit margin of 32 percent from January to March.

In a statement on Monday, the state’s fixed-line monopoly said total revenues had registered a 37 percent rise in the first quarter of 2017 compared to the same quarter last year, to reach EGP 4.2 billion.

Telecom Egypt, which also holds a 45 percent stake in Vodafone Egypt, has a market share in broadband internet of 75.3 percent, with 3.4 million customers.

In August, the company was the first to sign a deal to buy a 15-year fourth-generation (4G) mobile licence worth EGP 7.08 billion, of which EGP 5.2 billion was paid in advance, half in dollars.

 

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