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TE releases financial results, revenues increase - Daily News Egypt

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TE releases financial results, revenues increase

The company stated it achieved 9.9% profit growth over Q1 of 2015, compared to last year

telecom egyptOver the first quarter (Q1) of this year, Telecom Egypt’s (TE) revenues amounted to EGP 2.7bn, an increase of 7.7% compared to last year, where revenues amounted to EGP 2.5bn, according to its announced financial results.

According to the results, net profits have increased by 9.9% over Q1 of this year, compared to the same period last year. In Q1 of this year, the company’s profits amounted to EGP 604m, compared to EGP 549m in the same period of last year.

The retail business unit acquired the highest share of the company’s revenues. It reached 30% and achieved revenues of EGP 841m during Q1 of 2015, compared to EGP 764m in the same period last year, of which EGP 455m were for data transfer services, while EGP 386m were for voice services.

Revenues from the business units of companies and institutions went down by 3.4%, in Q1 of this year, achieving EGP 379m compared to the same period of 2014, where EGP 393m were achieved. The companies’ business units acquired 14% of the company’s total revenues, while the business operators’ unit acquired 23% of TE’s revenues, amounting to EGP 640m, in Q1 of 2015.

The business unit for international carriers acquired 28% of the company’s revenues, at EGP 761m. On the other hand, the international networks and their clients’ business unit acquired 5%, with revenues at EGP 139m.

Although the company’s profit increased over the last period, it was affected by the regular raise of salaries to employees, estimated at 10% of their salaries, in addition to incentives and bonus schemes.

Regarding the affiliated companies and their investment profits in Q1 of this year, the revenues of the company’s external investments reached EGP 259m. As TE owns 45% of Vodafone Egypt, the revenue increase for the company’s investments in the affiliated companies reached 67.9%, compared to the same period last year.

In terms of the investment expenses, during Q1 of 2015 they reached EGP 440m, an increase of 47.5%, compared to the same period last year.   On the other hand, TE Data’s market share for Internet services owned by TE increased to reach 67.3% of the market of fixed Internet services.

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