Telecom Egypt’s consolidated profits up 1.8% YoY in Q1 2024
Updated 5/30/2024 10:30:00 AM
Arab Finance: Telecom Egypt (ETEL) logged EGP 3.882 billion in consolidated net profits attributable to the holding company for the first quarter (Q1) of 2024, up by 1.8% year on year (YoY) from EGP 3.813 billion, as per the company’s financial statement.
Operating revenues amounted to EGP 17.487 billion from January through March, up from EGP 13.959 billion in the same period last year.
As per the standalone financial statement, the telecom operator achieved standalone net profits after tax of EGP 4.385 billion in Q1 2024, versus 2.461 million in Q1 2023.
Meanwhile, standalone operating revenues surged to EGP 12.592 billion from EGP 10.758 billion.
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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