Telecom Egypt records net profit of LE4.9B, consolidated revenue hikes 24%

CAIRO – 24 February 2021: Telecom Egypt recorded a net profit of LE 4.9 billion during 2020, marking an increase of 10 percent on a year- on year basis (YoY).

The company added that its consolidated revenue reached LE 31.9 billion during 2020, with an annual increase of 24 percent.

The company attributed the growth to the 39 percent YoY increase in data revenues, constituting 53 percent of top line growth, and the doubling of cable projects revenue with an increase of  LE 1.4 billion YoY.

The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) jumped 91 percent, registering LE 11.133 billion in 2020, compared to LE 5.834 billion in 2019.

At the same time, the board of directors (BoD) proposed a dividend of LE 0.5 per share for 2020, doubling 2019 distribution, representing a dividend yield of 4.4 percent.

"This year’s results reflect Telecom Egypt’s fortitude and resilience throughout 2020 and its outstanding ability to accommodate the market’s sudden shift towards digitization during the Covid- 19 outbreak,” the company’s Managing Director and Chief Executive Officer, Adel Hamed, stated.

Hamed added that the company will capitalize on the additional spectrum that it will soon receive to secure future growth and provide our customers with the best value data products in the market. 

“We also plan to offer a wide range of cutting-edge IT solutions to our local and international customers through our data centres, including Egypt’s largest facility that will be commissioned during 2021.” He added.

During the first nine months of 2020, the company's consolidated net profits climbed 3 percent to hit LE 3.53 billion, up from LE 3.42 billion in the same period in 2019.

Telecom Egypt operates within the telecommunication services sector, focusing on integrated telecommunication services. It has subsidiaries operating across British Islands, Western Europe, Northern Africa and Middle East.