Telecom Egypt has announced impressive FY 2024 results, with total revenue increasing by 45% year-over-year (YoY), reaching EGP 82 billion. The growth was driven by a 48% increase in data revenue, contributing 41% to the company’s overall growth, alongside a 68% surge in international direct dialing (IDD) revenue and a 21% rise in domestic infrastructure services revenue.
The operator’s customer base saw YoY increases in the mobile, fixed broadband, and fixed voice sectors by 13%, 8%, and 6%, respectively. EBITDA grew by 45%, recording a 40% margin, while net profit stood at EGP 10.1 billion, marking a 14% YoY decline due to non-recurring FX losses and early retirement compensation.
The company’s Board of Directors has proposed a dividend of EGP 1.50 per share for 2024, subject to approval at the general assembly, reflecting its solid performance and commitment to delivering value to shareholders.
Mohamed Nasr, Managing Director and CEO, highlighted Telecom Egypt’s leadership in the Egyptian market and its resilience amid regional and global economic challenges. He emphasized that the company is well-positioned to seize growth opportunities while maintaining strategic priorities. The company also noted signs of cost-base stabilization, attributed to easing inflationary pressures.
Telecom Egypt expects to continue delivering strong financial results in 2025, bolstered by a strong financial position, disciplined capital allocation, and a vast fixed fiber network that supports its premium integrated services.
