Cairo – Mubasher: Telecom Egypt is mulling over launching a real estate firm after the assessment of the telecom operator’s land portfolio.

No decision has been taken yet as the Egyptian telecom company is still considering such proposal, according to a statement to the Egyptian Exchange (EGX).

During the first quarter of 2019, Telecom Egypt logged a profit of EGP 1.61 billion, rising by 108.4% year-on-year from EGP 775.5 million, including minority shareholders’ rights.

Meanwhile, revenues hiked to EGP 6.08 billion in the three-month period ended 31 March from EGP 4.78 billion in the year-ago period.