Telecom Egypt (TE) has posted a 7% increase in first half net profits year-on-year, up to EGP1.1 billion (USD191 million), on the back of steady growth in fixed line telephony and broadband. In the six months ended 30 June 2006, TE revenues grew 9% to EGP4.4 billion, pushing EBITDA up 6% to EGP2.5 billion, whilst EBITDA margin stood at 56%. CAPEX related cash flows were reduced by 38% to EGP920 million, the company said.
TE ended June 2006 with 10.63 million fixed line users, up 9% year-on-year. TE Data, its data and internet subsidiary, said it had established a 38.5% retail ADSL market share, having trebled its total ADSL subscriber base to 48,740 in twelve months. TE also currently holds a 25.5% stake in cellco Vodafone Egypt, having upped its original 8.6% holding in 2005.