TE achieved 41% growth in revenues during Q2 of this year

Daily News Egypt
2 Min Read
The Managing Director and Chief Executive Officer of TE Ahmed El Beheiry

Telecom Egypt (TE) announced its results for the second quarter (Q2) ended June 30, 2017, based on the consolidated financial statements.

According to the company’s results, total revenues for Q2 2017 amounted EGP 4.64bn compared to EGP 3.29bn for the Q2 of 2016, which marks a growth of 41% compared to the previous year.

Nevertheless, the earnings before interest, tax, depreciation and amortization (EBITDA) reached EGP 1.48bn, a strong profit margin of 32%, a growth of 39% compared to the Q2 of 2016.

Furthermore, the net profit after taxes reached EGP 1.27bn, a growth of 22% compared to the same period last year, representing a net profit margin of 27%.

According to the company’s work results, the Earnings per share for the Q2 was EGP 0.74. While the price of one share reached EGP 1.53 during the first six months of 2017, reflecting an improvement of 12.6% over the comparable period of 2016.

Meanwhile, the market share of high-speed Internet reached 77%, an increase in the number of subscribers by 15% compared to the Q2 of last year, and capital expenditures for the Q2 of this year amounted EGP 1.28bn.

The Managing Director and Chief Executive Officer of TE Ahmed El Beheiry stated that the results achieved by TE during the Q2 of this year showed growth in all business units in the company. The company’s consolidated revenues increased by 41% compared to the same period last year to reach EGP 4.64bn, Which is driven by the strong demand for data services in the retail sector. These services are still the real engine of growth within the telecom market.

“We are confident that we will continue to achieve strong financial results this year, and continue to work towards the speed of delivering our integrated services with the highest possible quality in the coming period as the first fully integrated telecom operator in the Egyptian market”, said El Beheiry.

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