Telecom Egypt posts net profit of $132.6 million in the first quarter of 2023
June 4th 2023
Telecom Egypt is the incumbent telecommunications operator in Egypt, where it competes with Vodafone, Orange, Egypt and Etisalat. The company had generated net income of around $42 million in the first quarter of 2022.
State-owned Telecom Egypt said it recorded a net profit of 4.1 billion Egyptian pounds (132.6 million USD) at the end of the first quarter of 2023. This performance represents an increase of 144% compared to the same period of the year 2022.
Telecom Egypt attributes this performance to healthy margins and increased investment income, ” which overshadowed the increase in administrative and financial costs “. During the quarter, Telecom Egypt invested 6.1 billion EGP in the extension and densification of its network, as well as in the launch of innovative offers adapted to the needs of its customers.
These initiatives have resulted in the growth seen across all sectors, particularly in wholesale units. The segment accounted for 70% of total growth, supported by infrastructure revenues up 86% year-on-year. Consolidated revenue increased 48% year-on-year to EGP 14 billion.
The incumbent has seen its subscriber base grow on all fronts. Fixed voice and broadband customers grew 5% and 7% year-on-year, respectively. Mobile subscribers increased by 22% to 12.4 million.
“ We continue to execute on our strategy and remain committed to expanding and diversifying our service offerings, growing our customer base, improving the customer experience, and delivering a compelling financial model to all of our stakeholders. , and I am sure we will reach even greater heights ,” said Mohamed Nasr, CEO of Telecom Egypt.
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