Telecom Egypt achieved profits of EGP 9.2bn during the past year, with a growth rate of 9% compared to the previous year, after neutralizing the impact of some exceptional items such as currency differences and the decline in investment revenues from Vodafone Egypt, which is mainly due to the depreciation of the currency, according to the results of the company’s business.
Net profit after taxes reached EGP 10.1bn, a growth of 31% compared to the previous year, with a margin of 23%.
The company achieved revenues of EGP 44.3bn during the past year 2022, achieving a growth of 19% compared to the previous year, according to the results of the company’s business, which it announced today.
According to the business results, the revenues of the retail business units and the wholesale business units increased (with a growth rate of 21% and 17%, respectively).
Data services revenues also increased by EGP 3.2bn compared to the previous year, with other revenues of the enterprise business unit increasing by EGP 900m.
According to the results of the company’s business, the company has achieved a growth in the number of fixed-line customers by 5%, and the number of fixed-speed internet customers by 9%. The number of mobile subscribers has also increased by about 3 million customers, supported by an increase in customers of government initiatives and projects, amounting to 1.5 million new subscribers.
The operating profit of the company grew by 16% compared to the previous year, despite the increase in depreciation and amortization costs by 25% compared to the previous year.
Business results showed that capital expenditures for in-service assets amounted to EGP 12.6bn, or 28% of total revenues, while cash capital expenditures amounted to EGP 19bn. After excluding the value of new frequencies and license expenses, cash capital expenditures amounted to EGP 13.7bn.
Adel Hamed, Managing Director and CEO of Telecom Egypt, said that the year 2022 witnessed a growth in revenues by 19% compared to the previous year, to reach an amount of EGP 44.3bn.
He added that the company is looking forward to continuing to achieve growth in the customer base during the year 2023, by searching for any possible opportunity to benefit from the company’s investments, taking into account the rationalization of cost elements during expansion.
This was inferred by the agreement signed at the end of 2022 with Orange Misr for local roaming, which is expected to achieve annual savings estimated at EGP 1bn annually, starting in 2023.
