More Africa NewsTelecom Egypt reports 74% y-o-y increase in net profit in 2021

March 7, 2022by myles0

Telecom Egypt has reported a 16% rise in consolidated revenue for the year ended 31 December 2021, saying growth had been mainly driven by a 30% uplift in data revenues and 26% increase in infrastructure revenue. In the twelve-month period under review, Telecom Egypt recorded consolidated revenue of EGP37.088 billion (USD2.4 billion), up from EGP31.912 billion in FY 2020, attributable to the company’s ‘Home & Consumer’ operations rising by 26.1% year-on-year, to EGP18.133 billion, while enterprise revenues (EGP4.699 billion) and domestic wholesale revenues (EGP5.847 billion) were up 19.5% and 25.2%, respectively.

With regards to other key financial indicators, the company reported EBITDA of EGP14.193 billion for FY 2021, up from EGP11.126 billion a year earlier, while it recorded a notable uptick in net profit, which increased to EGP8.417 billion, up from EGP4.850 billion in FY 2020.

In terms of operational highlights, Telecom Egypt reported that mobile subscriptions surged in the closing three months of 2021, increasing by more than 21% quarter-on-quarter (and more than 27% y-o-y) to reach 9.365 million. Fixed broadband subscriptions also continued to increase, with the operator’s total standing at 8.028 million at end-2021, up from 6.947 million a year earlier. Similarly, fixed voice subscriptions remained on an upward trajectory, increasing by almost 12% y-o-y to 11.013 million.

Source: Commsupdate

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