Telecom Egypt’s Revenues See 35% Year-On-Year Increase in H1 of 2024

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%.