In releasing its financial results for the first half of 2018, Telecom Egypt announced a notable milestone, with revenues for the period topping EGP10 billion (USD558 million) for the first time. Consolidated turnover in the six-month period under review, meanwhile, stood at EGP10.13 billion, up from EGP8.74 billion in the corresponding period of 2017, with revenues for the second quarter of 2018 totalling EGP5.34 billion (2Q17: EGP4.59 billion). Turnover from the company’s ‘Home & Consumer’ business surged, rose by 45% y-o-y to reach EGP3.77 billion in H1 2018, while revenues from its ‘International Customers & Networks’ and ‘Domestic Wholesale’ divisions also saw notable gains, rising by 22% and 17%, respectively, against H1 2017.
In terms of other key financial metrics, Telecom Egypt reported an EBITDA of EGP3.29 billion for the opening six months of this year, up 19% against the EGP2.78 billion recorded in H1 2017, with the improvement attributed in part to ‘strong cost control including employee and call cost management’. Net profit, however, declined by 18% y-o-y to EGP2.06 billion, on ‘a decline in investment income from Vodafone Egypt and the impact of higher financing expenses’. Telecom Egypt’s CAPEX for the first half of 2018 totalled EGP1.7 billion.
As at 30 June 2018 Telecom Egypt had a total of 4.64 million fixed broadband accesses on its books, up 27% from 3.65 million a year earlier. Strong growth was also reported for the company’s mobile service, which it launched in September 2017; by mid-2018 Telecom Egypt had attracted 3.31 million wireless voice subscribers, having added a million customers since the start of this year. Fixed voice accesses were also up, meanwhile, reaching 7.40 million by end-June 2018, up from 6.67 million a year earlier.