Telecom Egypt Reports 48% Surge in Net Profit for First Nine Months of 2023

Telecom Egypt (ETEL), a leading integrated telecom operator in Egypt, has reported a notable 48.26% year-on-year increase in its consolidated net profit for the first nine months of 2023. According to the financial statement filed with the Egyptian Exchange (EGX) on November 14th, the net profit attributable to the holding company reached EGP 9.148 billion by September 30th, up from EGP 6.170 billion during the same period in 2022.

The company’s operating revenues witnessed a significant rise, reaching EGP 41.958 billion from January 1st to September 30th, marking an increase from EGP 32.273 billion in the corresponding period last year. The third quarter (Q3) of 2023 alone saw the consolidated net profit attributable to the holding company climb to EGP 2.452 billion, up from EGP 2.388 billion in Q3 of 2022.

In terms of standalone financial performance, Telecom Egypt reported a net profit after tax of EGP 6.141 billion for the January-September period of 2023, a substantial increase from EGP 3.251 billion in the same period of 2022.

Telecom Egypt holds the distinction of being Egypt’s first integrated telecom operator and is recognized as one of the largest operators of subsea cables in the region. Based in Cairo, the company is listed on the EGX and operates across various sectors, including communications, marine cables, infrastructure, internet services, and outsourcing services. It provides a comprehensive range of fixed-line and retail telecommunications services in addition to wholesale telecommunications services.

This financial growth underlines Telecom Egypt’s robust position in the telecommunications sector and reflects its continued success in the highly competitive regional market.

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