Telecom Egypt records profits of LE 2.13B in 1st half of 2019

CAIRO - 8 August 2019: Telecom Egypt recorded consolidated profits of LE 2.13 billion during the first half of 2019, compared to LE 2.06 billion including minority rights during the same half of 2018, marking an increase of 3.49 percent.

The company's financial indicators revealed that revenues hit LE 12.69 billion during the first six months of 2019, compared to LE 10.12 billion during the same months of 2018.

During the second quarter, the company reached consolidated profits of LE 517.04 million, compared to LE 1.28 billion during the same quarter of 2018, with a decrease of 59.8 percent.

As per standalone profits, the company's profits surged 253.95 percent during January-June period of 2019, recording LE 5.04 billion, compared to LE 1.4 billion during January-June period of 2018.

In May, Telecom Egypt announced its consolidated profits during the first quarter of 2019 on a year-on-year basis, doubling its net profit to LE 1.6 billion, with a margin of 27 percent.

Meanwhile, it announced in July that it increased the capacity of packages offered to customers in line with the new speeds and quality of internet services. The new increase was due to the continued hike in usage rates resulting from increased speed.

Telecom Egypt operates within the telecommunication services sector, focusing on integrated telecommunication services. It has subsidiaries operating across British Islands, Western Europe, Northern Africa and Middle East.