Cairo – Mubasher: The consolidated financial statements of Telecom Egypt showed an 8% year-on-year profit drop during the January-September period of 2019.

Net profits retreated to EGP 3.2 billion in the nine-month period ended 30 September from EGP 3.5 billion in the corresponding period of 2018, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

In the meantime, the Egyptian telecom operator’s revenues rose to EGP 19 billion in the first nine months of 2019 from EGP 17.3 billion in the year-ago period.

As for the third quarter of 2019, Telecom Egypt posted a net profit of EGP 1.09 billion, down from EGP 1.44 billion in Q3-18.

At the level of the standalone financials for the January-September period, the Egyptian company’s net profit hiked to EGP 5.2 billion from EGP 2.04 billion in the prior-year period.

It is worth mentioning that during the first half of 2019, Telecom Egypt logged a net profit of EGP 2.133 billion, compared to EGP 2.061 billion in H1-18.