Telecom Egypt to invest EGP3.4bn in 2014; bulk to go towards fibre rollout

11 Mar 2015

Telecom Egypt is set to invest more than EGP3.428 billion (USD449.3 million) in 2015, with the bulk of that expected to be directed towards its ongoing programme under which it is upgrading its nationwide access network from copper-based to fiber-based technologies, Reuters reports.

The announcement of its expected capital expenditures for the coming year follows the publication of Telecom Egypt’s financial results for 2014. In the twelve months ended 31 December 2014 the telco recorded a 31% decline in net profit after tax, which fell to EGP2.031 billion, compared to EGP2.958 billion in FY 2013. Such a decline, the operator said, was ‘mainly attributable to a number of one-offs’ which were related to license fee payments and tax liabilities. Consolidated revenues in the year under review were, however, up from EGP11.138 billion in 2013 to EGP12.158 billion the following year, with EBITDA standing at EGP3.841 billion in FY14, representing a year-on-year increase of 4.2%.

Egypt, Telecom Egypt