Telecom Egypt announced a growth in its net profits by 177%, to achieve 3.8 billion pounds for the fiscal period ending on March 31, 2023, compared to a net profit of 1.37 billion pounds for the comparative period a year ago.
The company said in a statement, today, Tuesday, that after neutralizing the impact of some exceptional items, the net profit after taxes jumped to reach 4.1 billion pounds, achieving a growth of 144% compared to the same period of the previous year, thanks to the excellent margins and the increase in investment revenues, which limited the Increase in depreciation, amortization and financing expenses.
She added that the total consolidated revenues for the first quarter of 2023 amounted to EGP 14 billion, achieving a growth of 48% year-on-year, driven by the increase in revenues of all business units, especially wholesale business units, which contributed 70% of the total growth. Supported by the growth in infrastructure revenues by 86% compared to the same period of the previous year, as well as the growth in revenues from services provided in dollars.
It explained that the number of fixed-line subscribers and the number of fixed-broadband internet customers increased by 5% and 7%, respectively, while the number of mobile subscribers increased to 12.4 million, achieving a growth rate of 22% compared to the same period of the previous year.
The Managing Director and CEO of Telecom Egypt, Mohamed Nasr, said that we are continuing to implement our strategy in an outstanding manner with our commitment to expanding the customer base, providing various services, giving them a distinguished experience, and committing to providing outstanding financial performance.
He continued: “I am confident in our ability to achieve better results, as I aim to benefit from the efforts of the distinguished and dedicated work team to continue achieving our ambitious goals and consolidate our core values, and define a clear framework to enhance the company’s leadership as an integrated communications provider now and in the future.”