Telecom Egypt records profits of LE 3.5B in 2018

CAIRO – 21 February 2019: Telecom Egypt recorded consolidated profits of LE 3.49 billion during 2018, compared to LE 3.05 billion in 2017 including minority rights, with an increase of 14.26 percent.

Telecom Egypt’s financial indicators revealed revenues of LE 22.77 billion in 2018, up from LE 18.56 billion in the prior year.

Managing Director and Chief Executive Officer of Telecom Egypt Ahmed el-Beheiry said earlier that his company expects to end 2018 beating their revenue guidance due to the MENA acquisition and Bharti deal. "With this generated non-recurring revenue, we expect to continue to grow from this high base in 2019," he stressed.

“In 2019, we will continue to invest in our fiber network to meet the growing demand for our fixed and mobile broadband offerings, and cater to the growing traffic of domestic and international operators,” Beheiry stated.

As per standalone profits, the company reached profits of LE 1.25 billion in 2018, compared to LE 459.87 million in 2017.

The company’s consolidated results slipped 18.2 percent during the first half of 2018, recording LE 2.06 billion, compared to LE 2.52 billion during the same period of 2017.
Telecom Egypt operates within the telecommunication services sector focusing on integrated telecommunication services.

It has 17 subsidiaries operating across British Islands, Western Europe, Northern Africa and Middle East. Telecom Egypt is based in 6th of October, Egypt.