Telecom Egypt achieves 15.4% growth, acquires MENA Cable

CAIRO - 10 May 2018: The consolidated revenue of Telecom Egypt company has grown by 15.4 percent, recording profits of EGP 638 million during the first quarter of the current fiscal year 2017/2018, during the period January-March 31st, to reach EGP 4.8 billion, compared with the same period last year.

A statement issued by the mega telecommunication company on Thursday said that Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at EGP 1.5 billion, with an increase of 8.5 percent compared to the aforementioned period.

The EBITDA after taxes hit EGP 688 million, with a decline of 48 percent during Q1, due to the notable retreat of the investments by Vodafone Egypt.

The net profits, after neutralizing the factor of investment in Vodafone Egypt, recorded EGP 931 million, with a decline of 30 percent during the Q1 of 2018.

The market share of fixed broadband kept growing to reach 79 percent, backed by the increase in the number of subscribers by 29 percent to reach 4.4 million subscribers.

Meanwhile, Telecom Egypt board of directors approved acquisition of Middle East and North Africa Submarine Cable (MENA Cable) as a part of the company's strategy to expand in the field of submarine cables.

Telecom Egypt CEO Ahmed el Beheir said praised the performance of the company that came in line with change and development adopted by the company earlier this year.