Cairo – Mubasher: Telecom Egypt achieved consolidated net profits after tax worth EGP 3.81 billion in the first quarter (Q1) of 2023, up year-on-year (YoY) from EGP 1.36 billion, including minority interest.

The revenues stood at EGP 13.95 billion in Q1-23, higher by 48% YoY than EGP 9.41 billion, according to the income statements.

Basic and diluted earnings per share (EPS) hiked to EGP 2.23 in the first three months (3M) of 2023 from EGP 0.80 in 3M-22.

Standalone Financial Results

The telecom firm posted higher standalone net profits after tax amounting to EGP 2.46 billion during January-March 2023, compared to EGP 654.34 million in the year-ago period.

Non-consolidated revenues climbed to EGP 10.75 billion during Q1-23 from EGP 6.84 billion in Q1-22, while the basic and diluted EPS jumped to EGP 1.44 from EGP 0.38.

Mohamed Nasr, Managing Director and CEO of Telecom Egypt, noted: “Inspired by our dedication to becoming the leading [information and communications technology]ICT provider, our Q1-23 results reflect the company’s significant strengths and  ability to capitalise on its diversified portfolio of assets and strategic location.”

“Top line witnessed a 48% YoY hike, while [earnings before interest, taxes, depreciation, and amortisation] EBITDA shot up to reach 72% YoY,” Nasr added.

He indicated:  “Data continued to be the main driver of revenue growth; meanwhile, the wholesale boom witnessed during the quarter is attributed to both higher volume sales and foreign currency appreciation.”

“The overall growth across the board resulted in spikes in both the organic operating profit and net profit of 101% and 144% YoY, respectively,” the CEO stated.

In 2022, the EGX-listed firm reported consolidated net profits after tax valued at EGP 9.18 billion, an annual surge from EGP 8.42 billion, including non-controlling equity.