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Telecom Egypt posts 88% profits surge in H1

Telecom Egypt posts 88% profits surge in H1

ArabFinance: Telecom Egypt (ETEL) has posted its financial results for the period ended June 30th, 2021, according to an earnings release.

Egypt’s primary telecommunication company has achieved a net profit of EGP 3.9 billion in the first half (H1) of 2021, surging by 88% year-on-year (YoY) from EGP 2.06 billion.

The company attributed this growth in net revenue to the steady operational performance, foreign exchange gains, and higher investment income from Vodafone.

Meanwhile, consolidated revenues jumped by 16% YoY in H1 2021 to EGP 17.4 billion, as compared to EGP 14.94 billion in H1 2020, the release added.

On quarterly basis, Telecom Egypt has logged a consolidated net profit of EGP 1.7 billion in the second quarter (Q2) of 2021, up from EGP 748.39 million in Q2 2020.

As per the standalone financial statement, the company’s standalone net profit amounted to EGP 5.48 billion in H1 2021, compared to a net profit of EGP 987.27 million in the six-month period ended June 2020.

Cairo-based Telecom Egypt is a joint-stock company, which operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.

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