­Cairo – Mubasher: The consolidated net profits of Telecom Egypt increased by 10% to EGP 4.9 billion in 2020, when compared to 2019.

The company's consolidated revenues jumped by 24% to EGP 31.9 billion in 2020 from EGP 25.81 billion in the earlier year, according to a bourse filing on Wednesday.

Higher revenues were attributed to the 39% YoY rise in data revenues, which account for 53% of top-line growth, and the doubling of cable projects revenue.

The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) hiked by 91% to EGP 11.133 billion in 2020 from EGP 5.834 billion in 2019.

The earnings per share (EPS) settled at EGP 2.35 during 2020, versus EGP 2.1 in 2019.

As for standalone business, the telecom operator achieved net profits of EGP 2.16 billion last year, down from EGP 5.436 billion in 2019.

Meanwhile, the company's board proposed a cash dividend of EGP 0.5 per share for 2020 to double the 2019 distribution, representing a dividend yield of 4.4%.

Commenting on the company's performance, the Managing Director and CEO of Telecom Egypt, Adel Hamed, said: "This year’s results reflect Telecom Egypt’s fortitude and resilience throughout 2020 and its outstanding ability to accommodate the market’s sudden shift towards digitization during the Covid19 outbreak."

It is noteworthy to mention that during the first nine months of 2020, the company's consolidated net profits increased by 3% to EGP 3.53 billion from EGP 3.42 billion in the year-ago period.