Telecom Egypt’s Revenues See 35% Year-On-Year Increase in H1 of 2024
The company released its business results for Q1 and Q2, showing growth in all areas despite changing currency rates and costs.
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Telecom Egypt released its business results for the first half of the year, boasting a consolidated revenue growth of 35% since the H1 of 2023.
Revenues reached EGP 38 billion, and retail revenues also grew by 40%, driven primarily by a 46% year-on-year increase in data revenues across all units of retail.
In addition, the company showed growth in areas of customer service, as the number of fixed-line internet subscribers increased by 8% on an annual basis, and mobile subscribers by 4%.
International services by Telecom Egypt - the International Carriers Business Unit and the International Customers and Networks Business Unit - also performed well, benefiting from changes in foreign currency rates and increased international call traffic. The two units increased services by 58% and 28% respectively.
Despite the impacts of fluctuating foreign exchange rates and the increase in costs, and the profit before interest, taxes, depreciation and amortization, the company made EGP 15.5 billion with a profit margin of 41%.
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Sep 08, 2024