Telecom Egypt premises - Creative Commons via Wikimedia
CAIRO – 18 December 2018: “Telecom Egypt expects to end 2018 beating our revenue guidance due to the MENA acquisition and Bharti deal. With this generated non-recurring revenue, we expect to continue to grow from this high base in 2019,” Managing Director and Chief Executive Officer of Telecom Egypt Ahmed el-Beheiry said.
“Our 2019 projections count on the robust growth across our operational segments driven by Telecom Egypt’s footprint in the retail market, especially its strong growth in mobile and fixed broadband, along with its eagerness to seize all opportunities in the wholesale segment,” Beheiry added.
He added that transformation is their adopted theme to boost growth and remain agile, noting that WE brand is expected to continue to evolve and address more segments including corporates.
Beheiry pointed out that they are scaling their business by exploring all potentials in the ICT advancement field, which is the optimum route to navigate towards a progressive future.
“In 2019, we will continue to invest in our fiber network to meet the growing demand for our fixed and mobile broadband offerings, and cater to the growing traffic of domestic and international operators,” he stated.
Beheiry added that the company continues to stress on financial excellence, manage cash flows to minimize interest expense and maintain their strong relationships with vendors to keep investing for growth at favorable payment terms.
In September, Telecom Egypt’s board of directors approved the acquisition of 50 percent of its subsidiary Egyptian Submarine Cable Company (EISCC) for $15 million.
The company clarified in a filing to the Egyptian Exchange (EGX) that this decision is taken as EISCC has multiple financial advantages, including full consolidation of MENA Cable profitability from the Bharti Airtel transaction, immediate savings of $10 million as a result of the new structure, and total recognition of recurring revenue over the life time of the cable (min. of 15 years).
CAIRO - 23 September 2018: Telecom Egypt's board of directors approved the acquisition of 50 percent of its subsidiary Egyptian Submarine Cable Company (EISCC) for $15 million.
The company announced previously that EISCC completed the acquisition of Middle East and North Africa Submarine Cable “Mena Cable” from Orascom Investment Holding “OIH”, with total enterprise value of $90 million, $40 million of which represent the equity value of MENA Cable and the remainder represent its outstanding debt.
In August, Telecom Egypt signed with India's Airtel Company a memorandum of understanding to enhance cooperation in the maritime cable domain.
On a different note, the company’s consolidated results slipped 18.2 percent during the first half of 2018, recording LE 2.06 billion, compared to LE 2.52 billion during the same period of 2017.
Telecom Egypt operates within the telecommunication services sector focusing on integrated telecommunication services.
It has 17 subsidiaries operating across British Islands, Western Europe, Northern Africa and Middle East. Telecom Egypt is based in 6th of October, Egypt.