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TE reports EGP 3.5B profit

TE reports EGP 3.5B profit

ArabFinance: Telecom Egypt (TE) reported a 3.3% Year on Year increase in its consolidated net profit for the first nine months of 2020, according to the company’s November 12th financial statements filed to the Egyptian Exchange.

Consolidated net profit before minority interest stood at EGP 3.532 billion in the January-September period of 2020, compared to EGP 3.419 billion achieved in the prior-year period.

Standalone net profit reached EGP 1.851 billion in the January-September period of 2020, a 66% decline from EGP 5.416 billion posted in the corresponding period a year earlier.

Vodafone Egypt, TE, and Etisalat earlier bought nearly $1.2 billion (EGP 18.86 billion) worth of new cellular frequencies.

Telecom Egypt is an Egypt-based joint-stock company, which is engaged in the provision of public communications and associated products and services.

The company operates under the following segments: communications, marine cables, and infrastructure; internet services, as well as outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.

 

*At press time, the conversion rate is $1 = EGP 15.65

 

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