Telecom Egypt records profits of LE 4.4B in 2019

CAIRO - 20 February 2020: Telecom Egypt recorded consolidated profits of LE 4.4 billion during 2019, compared to LE 3.3 billion during 2018, marking an increase of 33.35 percent.

The company's financial indicators revealed that revenues hit LE 25.8 billion during the year, up from LE 22.77 billion in 2018, with an annual growth of 13 percent.

During the fourth quarter, the company turned into profitability, reaching consolidated profits of LE 1.2 billion, compared to a loss of LE 209.25 million during the same quarter of 2018.

As per standalone profits, the company's profits surged 334.7 percent during 2019, recording LE 5.44 billion, compared to LE 1.25 billion during 2018.

During the first half of 2019, Telecom Egypt recorded consolidated profits of LE 2.13 billion, 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 board of members proposed distributing LE 0.25 per share for the fiscal year ending December 31, 2019.

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.