Global Telecom’s profits decline 65.5% during H1 2018

CAIRO – 2 August 2018: Global Telecom Holding announced its results for the first half of 2018; the company recorded a consolidated profit of $12.5 million, compared to $36.3 million during the same period of 2017, including the minority rights, with a decline of 65.56 percent.

The company revealed that its standalone results turned into profitability during the first half of the current year by $413.1 million, compared to a loss of $59.4 million during the first six months of 2017.

“In Q2 2018, GTH continued to add customers and grew by 4.3 percent YoY, reaching 102.9 million, driven by customer additions in Pakistan and Bangladesh, which was supported by the stabilization of the customer base in Algeria,” Chief Executive Officer, Vincenzo Nesci, said.

“Total revenues for the period decreased organically by 1.7 percent YoY to $693 million. EBITDA grew organically by 1.2 percent YoY to $304 million,” Nesci added.

“GTH continued to achieve a solid EBITDA margin of 43.8 percent, 0.9 percentage point higher YoY. Data revenue showed strong organic growth of 44.8 percent YoY, driven by the increase in data customer base and data usage,” he stated.

During the first quarter of 2018, the company accomplished a net profit of $38.2 million, compared to $1.2 million in the first quarter of 2017.

Global Telecom operates within the telecommunication services sector, focusing on wireless telecommunication services.

It has 116 subsidiaries operating across Southern and Central Asia, North America, British Islands, Western Europe, Northern Africa, Eastern Africa, Middle East and Southern Europe.

It was established in Egypt in July 1998.