Telecom Egypt records profits of LE 2.06B in 1st half of 2020

CAIRO – 13 August 2020: Telecom Egypt recorded consolidated profits declined 3 percent, recording LE 2.059 billion during the first six months of 2020, compared to LE 2.12 billion during 2019.

The company's financial indicators revealed that revenues hit LE 14.94 billion during the first half of 2020, up from LE 12.69 billion in the same period of 2019, with an annual growth of 18 percent. 

During the second quarter, the company recorded consolidated profits of LE 746 million, compared to LE 512 million during the same period of 2019, marking an increase of 46 percent.

As per standalone profits, the company's profits declined to  987.2 percent during the first half of 2020, compared to LE 5.03 billion during the same period of 2019. 

During 2019, 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 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.