Telecom Egypt’s total consolidated revenue grew by 39% during the first 9 months of 2024, reaching EGP 58.4 billion, according to a report released by Telecom Egypt.

This increase was largely driven by a 46% rise in data services revenue from the retail business unit, which contributed to 45% of the overall revenue growth.

Additionally, revenues from international call traffic and international capacity sales surged by 61% and 90%, respectively, compared to the same period last year.

 The company also reported an increase in its customer base across all services, with mobile, fixed internet, and fixed voice subscribers growing by 9%, 8%, and 4%, respectively.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 34% year-over-year, reaching EGP 23.5 billion, with an EBITDA margin of 40%, in line with target levels.

Telecom Egypt’s net profit after tax declined by 6% year-over-year to EGP 8.6 billion, with a net profit margin of 15%.

Capital expenditures on in-service assets reached EGP 12.8 billion, representing 22% of total revenue, while cash capital expenditures amounted to EGP 30.1 billion, or 52% of total revenue.

The net debt-to-EBITDA ratio stood at 2.3 times for the nine-month period, up from 1.7 times at the end of 2023, mainly due to fluctuations in foreign exchange rates.

Free cash flow improved during the nine-month period compared to the first half of the year, recording a negative EGP 5.9 billion. Excluding license expenses, free cash flow stands at EGP 48 million.