Cairo – Mubasher: The consolidated financial statements of Telecom Egypt reported a 33.44% year-on-year profit hike during 2019.

Net profits surged to EGP 4.4 billion last year, compared to EGP 3.3 billion in 2018, the telecom operator said in a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, total revenues rose by 13% to EGP 25.805 billion in the 12-month period ended 31 December 2019 from EGP 22.77 billion a year earlier, primarily supported by higher data revenue.

The company’s board of directors approved a proposal to distribute a cash dividend of EGP 0.25 a share for 2019. The proposal will be submitted to the ordinary general meeting (OGM) for approval.

As for standalone business, the state-run telecom operator reported net profits of EGP 5.44 billion last year, jumping by 334.69% from EGP 1.25 billion in 2018.

It is noteworthy that during the first nine months of 2019, Telecom Egypt’s net profits fell to EGP 3.2 billion from EGP 3.5 billion in the year-ago period, including minority shareholders’ rights.