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Telecom Egypt's profit leaps 62% in Q1

Telecom Egypt's profit leaps 62% in Q1
The telecom operator generated EGP 8.4 billion in revenue
Telecom Egypt
ETEL
-1.01% 12.76 -0.13

Cairo – Mubasher: Telecom Egypt posted consolidated net profits of EGP 2.12 billion in the first quarter (Q1) of 2021, up by 61.84% year-on-year (YoY) from EGP 1.31 billion.

The telecom operator generated EGP 8.4 billion in revenue in the January-March period, up from EGP 7 billion in the prior-year period, according to a bourse disclosure on Tuesday.

As for standalone business, the company recorded net profits of EGP 1.85 billion in Q1-21, compared to EGP 566.91 million in Q1-20.

In 2020, Telecom Egypt’s net profits increased by 10% year-on-year (YoY) to EGP 4.9 billion.