Brand Finance has ranked Telecom Egypt (TE) among the world’s largest 300 companies in the field of IT and communication in terms of market value. TE ranked 201st globally, falling from last year’s 152nd spot.

Meanwhile, US-based AT&T topped the most valuable communication companies in the world, with a market value of $82.4m, followed by Verizon in second with $62.8m.

China Mobile came in third with a market value of $53.2m, then the Japanese NTT Com with $40.8, then the German Deutsche Telekom in fifth with a value of $40.1m.

TE posted a profit of EGP 3.2bn in the fiscal year that ended in December, up from EGP 2.7bn in 2016.

The company’s revenues rose over the past year by 33% to reach EGP 18.6bn.

TE’s workforce cost out of total revenues fell at the end of December 2017 to 27%, at EGP 5bn, compared to 33% (EGP 4.6bn) in 2016.

The company attributed the decline in the cost of workers to the revenue increase in 2017.

The ratio reached by TE for cost of labour to revenues is its best in years. It is also better than the global average for major companies.

Major companies with large workforces suffer the high cost of labour against revenues, which decreases profitability. These companies work on cutting the cost of their workforce to achieve higher profits.

TE’s operating expenses increased last year by 32%, as the outgoing calls costs increased following the float of the pound, next to the cost of employees increasing by 10%.