Telecom Egypt reports 65% increase in net profit

14 Aug 2008

Egypt’s fixed line telecom monopoly Telecom Egypt (TE) has released its financial results for the three months ended 30 June 2008, reporting a rise of 65% in net profit against the same period last year. The telco generated total revenues of EGP2.41 billion (USD457 million), with net profit rising to EGP681 million. The operator also announced that subscriber figures had increased 3% year-on-year, bringing the total to 11.3 million. According to TeleGeography’s GlobalComms database, TE has retained its position as the sole provider of fixed line services due to delays in licensing a second operator; recent developments indicate that this will change in the coming months, with the concession due to be granted on 18 September 2008.

Egypt, Telecom Egypt