Telecom Egypt Reports 1.83% Increase in Q1-2024 Net Profit

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Cairo – Telecom Egypt posted a consolidated net profit after tax and non-controlling interests of EGP 3.88 billion during the first quarter (Q1) of 2024, marking a 1.83% increase year-on-year (YoY) from EGP 3.81 billion.

Consolidated operating revenues surged to EGP 17.48 billion in Q1-2024, compared to EGP 13.95 billion in Q1-2023, according to the interim financial results. The basic and diluted earnings per share (EPS) rose to EGP 2.27 during the three-month period ending on 31 March 2024, up from EGP 2.23 in the same period the previous year.

Standalone Results

Telecom Egypt’s standalone net profit increased to EGP 4.38 billion in the January-March period from EGP 2.46 billion in the comparative period of 2023. Standalone operating revenue grew to EGP 12.59 billion in Q1-2024 from EGP 10.75 billion in Q1-2023.

Mohamed Nasr El-Din, Managing Director and CEO of Telecom Egypt, stated, “I am glad to report the continuation of our growth momentum at the beginning of the year. Our Q1-2024 operational and financial results reflect the resilience of our business in the face of macroeconomic challenges.”

“As the year progresses, we will focus on enhancing our cost efficiency and monetizing our assets, particularly those that generate returns in foreign currency,” Nasr El-Din added.

In 2023, Telecom Egypt reported consolidated net profits of EGP 11.47 billion, an annual increase from EGP 9.18 billion.

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