Cairo – Mubasher: Telecom Egypt’s (TE) board of directors have approved the budget for the fiscal year 2018.

TE targets total revenue growth in the range of high single-digit to low double-digit in the 2018 budget, the company added in a statement to the Egyptian Exchange (EGX).

The telecommunications firm seeks earnings before interest, taxes, depreciation, and amortization (EBITDA) margin in the mid to high twenties, TE highlighted.

The company also targets capital expenditure (CAPEX) to sales ratio of 30%, according to the statement.

TE last posted a net profit of EGP 1.008 billion in the third month of 2017, up from EGP 867.3 million in Q3-16.

While revenues increased to EGP 4.4 billion in Q3-17 from EGP 3.2 billion in the prior-year period.