LE58.4B Telecom Egypt’s total revenue during first 9 months of 2024

CAIRO – 14 November 2024: Telecom Egypt announced a 39 percent year-over-year increase in total consolidated revenue for the first nine months of 2024, totaling LE 58.4 billion, according to a report released by Telecom Egypt.

This growth was largely fueled by a 46 percent surge in data services revenue from the retail business unit, which contributed to nearly half of the overall revenue increase.

International call traffic and capacity sales also showed substantial gains, with revenues rising by 61 and 90 percent, respectively, compared to the same period last year.

The company experienced growth in its subscriber base across all services, with mobile, fixed internet, and fixed voice subscribers expanding by 9, 8, and 4 percent, respectively.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 34 percent year-over-year to LE 23.5 billion, with a margin of 40 percent, aligning with Telecom Egypt’s targets.

 However, net profit after tax saw a 6 percent decline, standing at LE 8.6 billion with a net profit margin of 15 percent.

Capital expenditures on in-service assets reached LE 12.8 billion, representing 22 percent of total revenue, while cash capital expenditures stood at LE 30.1 billion, or 52 percent of total revenue.

 The net debt-to-EBITDA ratio increased to 2.3 times, up from 1.7 times at the end of 2023, largely due to fluctuations in foreign currency exchange rates.

Despite some challenges, free cash flow improved during the nine-month period compared to the first half of the year, recording a negative LE 5.9 billion. Excluding licensing expenses, free cash flow stands at LE 48 million.