Cairo – Mubasher: Telecom Egypt reported a 3% year-on-year rise in its net profits, logging EGP 2.133 billion during the first half of 2019 from EGP 2.061 billion, the company’s consolidated financial results showed.

The Egyptian telecom operator’s revenues surged by 25% year-on-year to EGP 12.7 billion in the six-month period ended 30 June, according to a statement on Thursday.

As for the second quarter of 2019, Telecom Egypt logged a net profit of EGP 517.04 million, compared to EGP 1.28 billion in Q2-18. 

At the level of standalone business, the company's profit hiked to EGP 5.03 billion in H1-19 from EGP 1.4 billion in H1-18. 

The H1 revenue growth was supported by the increase in data services and cable projects revenue on the back of the recognition of the $20 million PEACE.

In addition, the profit increase was attributed to foreign exchange gains, higher earnings before interest, tax, depreciation and amortization (EBITDA), as well as the rebound in Vodafone’s investment income. 

During Q1-19, Telecom Egypt logged a profit of EGP 1.61 billion, compared to EGP 775.5 million in the year-ago period, including minority shareholders’ rights.