Telecom Egypt (TE) announced, on Thursday, its business results for the financial period ending on 30 June 2020, according to the consolidated financial statements prepared in accordance with the Egyptian Accounting Standards.
TE achieved revenues of EGP 15bn during the first half (H1) of this year, reflecting a growth of 18% over the same period last year. The growth was supported by a 37% increase in data services revenues compared to the same period last year.
The company also reported a growth in customer numbers across all services, as fixed-line subscribers increased by 20% compared to last year. It also reported a 9% increase in the number of fixed internet customers, while the number of mobile service subscribers reached 6.7 million subscribers with a growth of 58% over last year.
According to a company press release, the net profit after taxes reached EGP 2.1bn, achieving a slight decrease of 3% compared to the same period of the previous year. The strong operational performance compensated for the currency difference losses during the second quarter (Q2) of 2020, which reached EGP 549m, with an increase in net borrowing costs by 26% compared to the same period of the previous year.
TE recorded net debt of EGP 16.2bn, achieving a net debt ratio of 1.6 times profit before interest, taxes, depreciation and amortisation on an annual basis compared to 2.1 times at the end of 2019 (after neutralising the impact of the early retirement programme).
