Telecom Egypt’s revenues achieved a growth of 35% during the first half of 2024, reaching EGP 38 billion, according to a statement released by the company.

This happened due to the increase in data services revenues in the Retail Business Unit by a growth rate of 46% compared to the same period of the previous year, as it represented 48% of the total revenue growth.

Followed by the growth of revenues from incoming international calls and international capacity sales by 51% and 103%, respectively.

The company showed growth in its customer base across all services provided, as the number of fixed-line telephone and fixed-line Internet subscribers increased by 8% on an annual basis for each.

 Additionally, the number of mobile service subscribers increased by 4% compared to the same period of the previous year.

Earnings before interest, taxes, depreciation and amortization achieved a growth of 29% compared to the same period of the previous year to record an amount of EGP 15.5 billion, with a profit margin of 41%.

Net profit after taxes amounted to EGP 6.5 billion, unchanged on an annual basis from the previous year, achieving a profit margin of 17%.

Capex for in-service assets amounted to EGP 8.0 billion, representing 21% of total revenues, while cash capital expenditure amounted to EGP 27.4 billion, representing approximately 80% of 2024 cash capital expenditure.

The value of payments to suppliers reached EGP 7.5 billion in the first half of 2024, which represents 68% of the total obligations amounting to EGP 10.9 billion due to be paid during the fiscal year 2024.