Telecom Egypt reports a 24% y-o-y increase in revenues in 2020

24 Feb 2021

Telecom Egypt has reported a 24% year-on-year increase in consolidated revenue for the twelve months ended 31 December 2021, with the operator saying growth had been ‘mainly driven by a 39% y-o-y increase in data revenues and the doubling of cable projects revenues’. For the twelve-month period under review, the carrier recorded consolidated revenues of EGP31.912 billion (USD2.03 billion), up from EGP25.805 billion in 2019, while turnover for the fourth quarter of 2020 stood at EGP9.565 billion, up 41% when compared to EGP6.793 billion previously. In terms of other key financial indicators, Telecom Egypt reported that EBITDA for 2020 totalled EGP11.133 billion, up from EGP5.834 billion a year earlier (an improvement of 91% y-o-y), while net profit after tax (NPAT) increased 10% annually to EGP4.851 billion, compared to EGP4.399 billion in 2019.

Meanwhile, in operational terms the operator confirmed that fixed broadband accesses had continued on an upward trend, reaching 6.947 million (6.699 million residential and 248,000 business) as of 31 December 2020, up from 5.807 million (5.558 million/248,000) a year earlier. Fixed voice customer numbers were also up on an annualised basis, standing at 9.850 million, up from 8.676 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: ‘This year’s results reflect Telecom Egypt’s fortitude and resilience throughout 2020 and its outstanding ability to accommodate the market’s sudden shift towards digitisation during the COVID-19 outbreak. Our overall operational performance has led to a strong full year EBITDA margin of 35%, an all-time high net profit of EGP4.9 billion, and an operating cash flow of EGP8.3 billion, thanks to our strong top line performance and improved revenue mix.’

Egypt, Telecom Egypt