Telecom Egypt performance boosted by Internet and data growth

Telecom Egypt reported revenues of EGP5.209 billion (US$914 million) for H110, flat year-on-year from EGP5.202 billion a year earlier. Retail revenues for H110 amounted to EGP2.703 billion, a decline of 10 per cent year-on-year, with total access revenues, comprising connections and subscriptions amounting to EGP908 million for the first half, down from EGP1.073 billion a year earlier.

Net profit for the period amounted to EGP1.963 billion, up 12 per cent year-on-year, with consolidated EBITDA amounting to EGP2.763 billion, representing a slight decline of 1.5 per cent year-on-year.

Total voice revenues declined 21 per cent to EGP1.118 billion as the effects of mobile substitution were felt. Revenues from Internet and data, on the other hand, showed an increase of 24 per cent year-on-year during H110, to reach EGP393 million. The majority of this revenue is attributed to Telecom Egypt’s Internet and data subsidiary, TE Data, which added 115,797 ADSL subscribers (net) over the period, bringing the total number to 741,046 as of end-June.

Telecom Egypt’s total wholesale revenues amounted to EGP2.506 billion in H110, up 15 per cent year-on-year.

The telco counted 9.4 million fixed-line subscribers at the end of June, 110,000 higher than at the end of March.