Telecom Egypt’s consolidated profit declined 2.75% YoY in H1
Updated 8/14/2024 9:26:00 AM
Arab Finance: Telecom Egypt (ETEL) posted a 77.05% year-on-year (YoY) jump in consolidated net profit attributable to shareholders of the company for the first half (H1) of 2024, according to the telecom operator’s financial income statements issued on August 14th.
Consolidated net profits excluding minority interest amounted to EGP 6.511 billion in H1 2024, compared to EGP 6.695 billion in H1 2023.
The company achieved consolidated operating revenues of EGP 37.952 billion in the six-month period ended June 30th, up from EGP 28.135 billion in the year-ago period.
Meanwhile, the telecom operator’s standalone net profit after tax surged to EGP 4.416 billion during the first six months of this year from EGP 5.724 billion in the same half in 2023.
Telecom Egypt is Egypt’s first integrated telecom operator and is one of the region’s largest operators of subsea cables.
The Cairo-based company 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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