Telecom Egypt (TE) announced, on Thursday, its business results for the first nine months (9M) of 2020.
TE recorded about EGP 22.3bn in revenues in 9M of 2020, a growth of 18% compared to the same period last year. This growth was supported by the increase in retail business, mainly from data services, amounting to 31% compared to the same period of the previous year.
According to the company’s business results, its customer base across all sectors also increased compared to last year. The number of fixed line and ADSL subscribers increased by 9% and 16%, respectively, with the number of mobile service subscribers reaching 7.1 million customers in 9M of 2020, a 55% growth compared to the same period of the previous year.
The company achieved net profits after taxes of EGP 3.5bn, up 3% compared to the same period last year.
Adel Hamed, Managing Director and CEO of Telecom Egypt, said that the company is reaping the fruits of its increasing the share of retail business in the company’s total revenues, which reached 64% and in turn were reflected in the profit.
The National Telecom Regulatory Authority has recently accepted the TE’s request to obtain new mobile frequency bands. In addition, the TE also announced the construction of the largest data centre in Egypt to provide the best technical solutions to its customers.