State-run Telecom Egypt (TE) reported on Tuesday a 12 percent year-on-year in consolidated revenue for the first quarter of the year.
The growth was “mainly fuelled by higher data revenue (+22% YoY) constituting 74% of top line growth, followed by higher cable and voice revenues.” TE earnings release read.
Customer base grew across the board with fixed voice and data customers growing by 11 percent and 14 percent year-on-year, respectively and mobile customers rising by 19 percent year-on-year crossing the 10 million mark.
Net profit landed at 1.4 billion pounds, down by 36 percent year-on-year due to non-operational items.
“Excluding such items including Vodafone Egypt’s one-offs, provisions, impairments and FX impact, net profit reaches EGP 1.7bn, almost flat YoY.”
Earnings before interest, taxes, depreciation and amortisation (EBITA) stood at 3.6 billion pounds, recording a healthy margin of 38 percent “driven by an enhanced revenue mix and continued cost optimisation.”
“The company was able to navigate through several challenges this quarter and we continue to look forward to growth across the P&L and thrive for additional revenue streams and cost optimisation efforts to future-proof the organisation and enhance value to our shareholders.” TE chief executive Adel Hamed said.
“Our strategy to achieve these financial goals revolves around enhanced customer experience, we have put together an all-encompassing plan targeted at each customer touchpoint to move from improved service quality, to refined products to a consistent and convenient service to all customer groups across our different business units.
“Such plan will not only improve our value proposition to our customers, but also make us more efficient, available and ready for the future.” Hamed concluded.
