Mubasher TV
Contact Us Advertising   العربية

Telecom Egypt logs EGP 3.5bn profit in FY18; dividend proposed

Telecom Egypt logs EGP 3.5bn profit in FY18; dividend proposed
Consolidated revenue amounted to EGP 22.8 billion in 2018
Telecom Egypt
ETEL
-1.36% 37.78 -0.52

Cairo – Mubasher: Telecom Egypt on Thursday reported a 14% year-on-year increase in its consolidated profits for 2018, recording EGP 3.5 billion on the back of revenue growth. 

Consolidated revenue amounted to EGP 22.8 billion last year, rising 23% year-on-year, the state-run telecom company said in a statement to the Egyptian Exchange (EGX).

The company attributed the increase in revenue to the 36% rise in retail business revenue which accounts for 71% of total revenue growth.

Moreover, the company’s revenues from its agreement with India's market leader Bharti Airtel worth EGP 1.6 billion have boosted its wholesale business revenue by 12% in 2018 as compared with 2017.

The number of fixed broadband subscribers in Telecom Egypt rose by 29% last year, while the number of the fixed landline subscribers increased by 10%, according to the statement.

Additionally, the number of mobile phone subscribers totalled 3.9 million at the end of 2018, the state's landline monopoly said.

In the same vein, the company’s management has proposed a cash dividend of EGP 0.25 per share for 2018.

In November, Telecom Egypt posted a modest increase in consolidated profits for the first nine months of 2018, recording EGP 3.51 billion, versus EGP 3.48 billion in the same period of 2017.

Revenue surged to EGP 17.35 billion at the end of September from EGP 13.12 billion in the nine-year period of 2017.