Telecom Egypt’s consolidated profits up 25% YoY in 2023
Updated 3/4/2024 8:06:00 AM
Arab Finance: Telecom Egypt (ETEL) reported a 24.9% year-on-year (YoY) increase in consolidated net profits attributable to the holding company in 2023 to EGP 11.465 billion, compared to EGP 9.182 billion, as per the company's financial statments.
Operating revenues amounted to EGP 56.679 billion last year, up from EGP 44.273 billion in 2022.
As per the standalone financial statement, the telecom operator achieved a standalone net profit after tax of EGP 6.384 billion in 2023, down from EGP 7.346 billion a year earlier.
Telecom Egypt is the first integrated telecom operator in Egypt and is one of the region’s largest operators of subsea cables.
The Cairo-based company is listed on the EGX, and it operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.
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