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TE collects EGP 224m from VAT in 2017 - Daily News Egypt

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TE collects EGP 224m from VAT in 2017

Company pumped EGP 1.4bn of investments into mobile services


Telecom Egypt (TE) has received value added taxes from its customers during the first nine months of this year worth EGP 224.3m, compared to EGP 179.9m in the same period last year, according to the company’s financial statements obtained by Daily News Egypt.

According to an official at TE, revenues from VAT increased by EGP 45m, while revenues from clients for services reached EGP 9.3bn between January and September, up from EGP 8.1bn in the same period last year.

The source added that the company pumped about EGP 1.4bn of investments into providing 4G mobile services. These investments were funnelled to establish infrastructure for the mobile sector. Meanwhile, TE paid EGP 595m to the National Telecommunications Regulatory Authority (NTRA) for the frequency bands needed for the mobile services.

Revenue from outgoing calls increased by EGP 1.5bn in the first nine months of the year, due to the increased costs of international calls and transit services, on the back of the hike in exchange rate.

Revenues from the company’s main activities increased by EGP 2.7bn, supported by the international cables unit, which saw revenues going up by EGP 1.7bn, next to roaming services for visitors to Egypt, where revenues were up by EGP 266.4m, due to the exchange rate hike. Moreover, revenues from operators’ units increased by EGP 753.7m due to the increase in revenues from infrastructure.

Telecom Egypt’s results showed a net profit, in the first nine months of this year, of EGP 3.547bn, compared to EGP 3.181bn in the same period last year, marking an increase of 12% with a profit margin of 27%.

Total revenues of the company reached EGP 13.261bn, rising from EGP 9.657bn last year, an increase of 37%.

TE’s share of revenues from sister companies was up from EGP 1.137.498bn to EGP 1.776.699bn.

Telecom Egypt began to provide mobile services officially on 18 September through its WE network.

Topics: te Telecom Egypt

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https://www.dailynewsegypt.com/2017/11/22/te-collects-egp-224m-vat-2017/
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