Telecom Egypt (TE) has reported a 38% year-on-year increase in consolidated revenue for the half-year ended 30 June 2023, saying that this rise had been ‘fuelled by the 75% y-o-y hike in wholesale revenue, constituting 71% of top line growth, followed by strong retail performance’. In the six-month period under review TE generated a total turnover of EGP28.136 billion (USD909 million), up from EGP20.401 in the first half of 2022, with the company recording higher revenues in all business units. EBITDA for 1H23 totalled EGP11.961 billion, meanwhile, representing an annualised increase of 48%, with net profit for the first half of 2023 standing at EGP6.696 billion, a notable rise from the EGP3.782 billion reported for the corresponding period of 2022.
With regards to operational highlights, TE reported continued growth in its fixed broadband subscription base, which increased to 9.085 million as of 30 June 2023, up from 8.435 million a year earlier. Fixed voice subscriptions also remained on an upward trajectory, reaching 11.816 million as of mid-2023, compared to 11.278 million at end-June 2022. In the mobile sector, meanwhile, TE reported an almost 7% y-o-y increase in subscriptions, which increased to 12.557 million.
Commenting on the company’s performance, Mohamed Nasr, Managing Director and Chief Executive Officer, said: ‘[TE’s] performance in H1 2023 is a reflection of the company’s exemplary business model, its strong international infrastructure footprint, the strong momentum in fixed & mobile data services, and pool of talented employees – all of which continue to show resilience against the macro-economic challenges. We continued to see impressive results from our diversified portfolio of services with total revenue landing at EGP28 billion, with the notable increment in wholesale being the main driver for this growth, followed by strong retail performance.’