Telecom Egypt’s Revenues See 35% Year-On-Year Increase in H1 of 2024
The company released its business results for Q1 and Q2, showing growth in all areas despite changing currency rates and costs.
Telecom Egypt released its business results for the first half of the year, boasting a consolidated revenue growth of 35% since the H1 of 2023.
Revenues reached EGP 38 billion, and retail revenues also grew by 40%, driven primarily by a 46% year-on-year increase in data revenues across all units of retail.
In addition, the company showed growth in areas of customer service, as the number of fixed-line internet subscribers increased by 8% on an annual basis, and mobile subscribers by 4%.
International services by Telecom Egypt - the International Carriers Business Unit and the International Customers and Networks Business Unit - also performed well, benefiting from changes in foreign currency rates and increased international call traffic. The two units increased services by 58% and 28% respectively.
Despite the impacts of fluctuating foreign exchange rates and the increase in costs, and the profit before interest, taxes, depreciation and amortization, the company made EGP 15.5 billion with a profit margin of 41%.
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