Telecom Egypt posts 5.59% YoY consolidated profit decrease in 9 months
Updated 11/14/2024 9:32:00 AM
Arab Finance: Telecom Egypt (ETEL) reported a 5.59% year-on-year (YoY) drop in consolidated net profit attributable to the holding company for the first nine months of 2024, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on November 14th.
Consolidated net profit attributable to the holding company stood at EGP 8.637 billion in the nine-month period ended September 30th, compared to EGP 9.148 billion in the same period of 2023.
Operating revenues amounted to EGP 58.430 billion in the period from January 1st to September 30th, up from EGP 41.958 billion in the same period last year.
In the third quarter (Q3) of 2024, consolidated net profit attributable to the holding company decreased to EGP 2.125 billion from EGP 2.452 billion in Q3 2023.
As per the standalone financial statement, the telecom operator achieved a standalone net profit after tax of EGP 5.883 billion in the January-September period of 2024, up from EGP 6.585 billion in the comparative period of 2023.
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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