Telecom Egypt (TE) (ETEL) allocated EGP 3bn for investments in the infrastructure sector this year, with an increase of EGP 500m than 2014, said Mohamed El-Nawawy, CEO of TE, to Daily News Egypt.
According to Nawawy, revenues from marine cables amounted to EGP 1.2bn, with the support of two giant projects with two Chinese companies. The company also allocated EGP 300m for tax differences during the next three years, which strengthens its financial position.
TE announced that revenues of retail business grew by 8% in 2014, due to adding 350,000 new clients. The sector of renting infrastructure to communication firms also witnessed a growth rate of 19% last year, to raise the business value to EGP 4.6bn.
TE’s revenues retreated by 31% during 2014, due to tax increase, to reach EGP 2.03bn compared to EGP 2.9bn in 2013, despite the fact that the company achieved a 9.2% increase in revenues, to reach EGP 12.16bn in 2015 compared to EGP 11.14bn in 2013.
TE, with EGP 17bn capital, seeks to boost its revenues through entering the mobile phone market via the unified licence system. However, the government did not decide yet to activate the unified licence for communications. The decision has been repeatedly delayed due the disputes between the working companies in the country.
Three companies in Egypt provide mobile phone services: Vodafone Egypt, Mobinil, affiliated to France Telecom, and Etisalat Egypt, affiliated to the Emirati Etisalat.
Source: Daily News Egypt
