Telecom Egypt records 27% increase in revenues in first quarter

16 May 2019

Telecom Egypt (TE) has revealed a 27% year-on-year increase in consolidated revenues for the first quarter of 2019, with the operator’s CEO Adel Hamed stating that in the period under review it had demonstrated ‘strong results and a robust preface to [the telco’s] strategic objectives for 2019’. For the three months ended 31 March 2019 TE recorded consolidated revenues of EGP6.087 billion (USD357 million), up from EGP4.782 billion in the corresponding period a year earlier. Turnover from the company’s ‘Home & Consumer’ services accounted for the largest portion of the total – EGP2.401 billion, up from EGP1.829 billion in 1Q18 – while the largest growth in percentage terms was recorded in the ‘Domestic Wholesale’ sector, where revenues were up 49% y-o-y at EGP1.309 billion.

The telco’s EBITDA for the opening quarter of 2019 totalled EGP1.903 billion, up from EGP1.506 billion in 1Q18, while net profit was EGP1.615 billion, up from EPG774 million, with the operator saying the increase in the latter was attributable to the revaluation of USD facilities following the appreciation of the Egyptian pound against the US dollar, healthy EBITDA growth and ‘the rebounding of Vodafone’s investment income to its normal levels compared to Q1 2018’.

In operational terms, TE reported a 10% annualised increase in its mobile subscriber base, which reached 4.247 million at 31 March 2019, up from 2.930 million a year earlier, while both fixed broadband and fixed voice accesses also rose, to 5.535 million (Mar-18: 4.366 million) and 8.093 million (7.265 million), respectively.

Egypt, Telecom Egypt