Telecom Egypt reports EGP 6.7bn profits in 1H 2023

Telecom Egypt reports EGP 6.7bn profits in 1H 2023

Telecom Egypt (TE) made profits worth EGP 6.7bn during the first half (1H) of this year, according to the company’s business results.

The company’s total revenues amounted to EGP 28.1bn, achieving a growth of 38% compared to the same period of the previous year. This growth was driven by an increase in the wholesale business units’ revenues by 75% compared to the same period of last year. This increase constituted 71% of the total growth, followed by the outstanding performance of the business units.

Telecom Egypt showed a growth in its customer base at the level of all services provided, compared to the same period of last year. The number of fixed-line subscribers and fixed-broadband internet customers increased by 5% and 8%, respectively, while the number of mobile subscribers increased to 12.6 million, allowing the company to achieve a growth rate of 7% compared to the same period of last year.

According to Telecom Egypt’s business results, capital expenditures for in-service assets amounted to EGP 4.5bn, an increase of 55% compared to the same period last year. That represents 16% of total revenues. Cash capital expenditures amounted to EGP 11.2bn, after excluding the effect of licensing and frequency expenses, with a percentage of