Telecom Egypt has reported an 18% year-on-year increase in consolidated revenue for the nine months ended 30 September, with the operator saying growth had been ‘mainly driven by a 31% y-o-y hike in retail revenue boosted by strong data growth’.
For the nine-month period under review, the carrier recorded consolidated revenues of EGP22.35 billion (USD1.43 billion), up from EGP19.10 billion in 9M19, while turnover for the third quarter of 2020 stood at EGP7.40 billion, compared with EGP6.32 billion previously. In terms of revenue breakdown, it reported that turnover from its residential retail services increased to EGP10.52 billion in the first nine months of 2020, up 37% y-o-y, while enterprise revenue rose by 14% to EGP2.92 billion. Wholesale revenues were ‘almost flat’ though, at EGP8.92 billion, with an increase in domestic revenue coming from infrastructure and transmission revenues (+16% y-o-y) offsetting a decline in International Customers & Networks (‘IC&N’).
In terms of other key financial indicators, Telecom Egypt reported that EBTIDA for 9M20 totalled EGP7.52 billion, up from EGP3.91 billion a year earlier, while net profit after tax (NPAT) stood at EGP3.53 billion, compared to EGP3.42 billion in 9M19.
Meanwhile, in operational terms the operator confirmed that fixed broadband accesses had continued on an upward trend, reaching 6.62 million (6.38 million residential and 238,000 business) as of 30 September 2020, up from 5.69 million (5.45 million/252,000) a year earlier. Fixed voice customer numbers were also up on an annualised basis, standing at 9.15 million, up from 8.39 million, though notably the latest figure was down from a peak of 9.69 million at end-June 2020.
Commenting on the telco’s financial performance, Adel Hamed, Telecom Egypt’s managing director and CEO, said: ‘I am very proud of this quarter’s results as they substantiate our outstanding operational performance and demonstrate Telecom Egypt’s huge growth potential, especially in Egypt’s highly lucrative data market. Our top line increased 17% y-o-y, fuelled by the growth of the retail segment thanks to the hike in data revenues, which continued to impress on a [quarter-on-quarter] and y-o-y basis.’