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More Africa NewsTelecom Egypt shows its ambitions for 2023

October 26, 2022by myles0
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The demand for connectivity is accelerating around the world. Telecom Egypt, which has invested in submarine fiber optic cables in particular, wants to bet mainly on this demand to support its growth.

The Egyptian telecommunications operator forecasts double-digit revenue growth and earnings before interest, taxes, depreciation and amortization (EBITDA) of around 30% for the 2023 financial year. is also targeting a ratio of capital expenditure in service (CapEx) to sales of around 20%.

According to Adel Hamed, CEO of Telecom Egypt, these forecasts reflect the operator’s positive outlook. To achieve these growth objectives, the company intends to capitalize on its strategy to take advantage of the dynamics of data, to monetize the infrastructure, to reduce costs, while rationalizing investments.

“ We expect data to continue to be our main driver of revenue, with strong local and international demand, supported by improvements to our network and our world-class facilities – which clearly puts us in the lead to become the data hub in the region ,” said Mr. Ahmed. “ Operationally, we plan to grow our customer base and other key performance indicators by improving our services. »

Recall that for the first half of 2022, Telecom Egypt’s net profit amounted to 3.8 billion Egyptian pounds (193 million USD), compared to 3.9 billion Egyptian pounds for the same period in 2021. For the second quarter 2022 alone, the company posted a net profit of 2.4 billion Egyptian pounds, up 38.2% from the second quarter of 2021 when the company recorded 1.74 billion Egyptian pounds of net profit.

Source: Agence Ecofin

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