Global Telecom sees 33.4% increase in profits in Q2 2017

CAIRO – 3 August 2017: Global Telecom Holding’s profits increased 33.4 percent to $35 million in the second quarter of 2017, compared to $26 million in the year-ago period, a Thursday statement said.

Total revenues rose 10.4 percent to reach $765 million in Q2 of 2017 from $693 million in the same period of the previous year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to $328 million in Q2 of 2017, increasing 2.9 percent year-on-year, mainly due to the strong performance in Pakistan, the statement said.

Moreover, net debt grew 41 percent to reach $2.4 billion in Q2 of 2017, as a result for the company’s new short-term $200 million loan, utilization of the revolving $125 million credit facility by Global Telecom and additional borrowing in Pakistan for the 4G/LTE spectrum at $248 million.

On the other hand, net profits dropped 68 percent in the first half year-on-year to $36 million after $114 million in the first six months of 2016.

Revenues leveled up 8.4 percent to $1.5 billion in H1 of 2017, up from $1.4 in the same period of 2016.