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Telecom Egypt achieves revenues of EGP 19bn in 9M 2019 - Daily News Egypt

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Telecom Egypt achieves revenues of EGP 19bn in 9M 2019

Net profit recorded a decline of 8% compared to the same period last year to reach EGP 3.2bn due to the cost of the early pension programme and the growth of the Bharti deal.


Telecom Egypt company achieved revenues of EGP 19bn during the first nine months (9M) of this year, a growth of 10% over the same period last year, due to an increase in revenues from data services by 35%, and the expansion of cable and infrastructure projects.

The company’s business results showed a growth in its customer base across all services, with landline subscribers up 11% year-over-year (YoY), ADSL customers up 15%, and mobile subscribers up 27%.

Net profit recorded a decline of 8% compared to the same period last year to reach EGP 3.2bn due to the cost of the early pension programme and the growth of the Bharti deal.

Capital expenditures accounted for 33% of the total revenue generated as a result of the intensive work plan to compress the time needed to implement the copper-to-fibre substitution programme across the republic to be completed in mid-2020 instead of the end of 2022.

CEO and Managing Director of Telecom Egypt Adel Hamed, said that since the beginning of the year, the company has been investing in its infrastructure to provide the best communications services to its customers.

In terms of costs, the company extended the early retirement programme, which was reactivated in the second quarter of this year to accommodate an additional 1,000 employees. This extension will be financed through the dividends obtained from Vodafone Egypt in the current quarter. Accordingly, the recovery of the programme costs is expected to be two and a half years.

Topics: Telecom Egypt

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https://dailyfeed.dailynewsegypt.com/2019/11/17/telecom-egypt-achieves-revenues-of-egp-19bn-in-9m-2019/
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