Cairo – Mubasher: Telecom Egypt reported a 36% year-on-year (YoY) decrease in the consolidated net profits to EGP 1.36 billion in the first quarter (Q1) of 2022, compared to EGP 2.12 billion, including minority shareholders' rights.

The company generated revenues of EGP 9.41 billion in Q1-22, up 12% from EGP 8.39 billion in the year-ago period, according to a bourse filing on Tuesday.

As for the standalone businesses, the company's net profits retreated to EGP 654.34 million in the January-March period of 2022 from EGP 1.84 billion in the same period of 2021.

It is noteworthy to mention that in 2021, Telecom Egypt's consolidated net profits after tax surged by 74% to EGP 8.42 billion from EGP 4.85 billion in 2020.