17 May Egypt: Telecom Egypt cites strong service demand as Q1 revenues surge
Telecom Egypt (TE) has revealed that in the first quarter of this year it recorded an almost 37% annual increase in consolidated revenues, with CEO Tamer Gadalla noting that this had been driven by, among other things, ‘the strong demand for data services in the Retail segment and strong Domestic Wholesale demand’.
In the quarter ended 31 March 2017 TE generated a total turnover of EGP4.19 billion (USD231 million), up from EGP3.07 billion in the corresponding period of 2016. EBITDA in 1Q17 was EGP1.39 billion, delivering a margin of 33% and representing year-on-year growth of 41%, while the company recorded a net profit after tax of EGP1.34 billion, up 5% against 1Q16.
TE claimed to have a leading retail market share of 75.3% in terms of ADSL-based connections at the end of the reporting period, with 3.38 million such accesses on its books. While residential ADSL connections represented the lion’s share of the total at 3.17 million (representing annual growth of more than 12%), the telco actually saw a decline in the first quarter of 2017, from 3.18 million retail ADSL connections at end-2016. Fixed voice line customer numbers meanwhile increased to 6.63 million at the end of March 2017, up from 6.21 million a year earlier.