Telecom Egypt (ETEL) reported a 48.26% year-on-year (YoY) increase in consolidated net profit attributable to the holding company for the first nine months of 2023, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on November 14th.

Consolidated net profit attributable to the holding company stood at EGP 9.148 billion in the nine-month period ended September 30th, compared to EGP 6.170 billion in the same period of 2022.

Operating revenues amounted to EGP 41.958 billion in the period from January 1st to September 30th, up from EGP 32.273 billion in the same period last year.

In the third quarter (Q3) of 2023, consolidated net profit attributable to the holding company increased to EGP 2.452 billion from EGP 2.388 billion in Q3 2022.

As per the standalone financial statement, the telecom operator achieved a standalone net profit after tax of EGP 6.141 billion in the January-September period of 2023, up from EGP 3.251 billion in the comparative period of 2022.

Telecom Egypt is the first integrated telecom operator in Egypt and is one of the region’s largest operators of subsea cables.

The Cairo-based company is listed on the EGX and it operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.

 

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).