Telecom Egypt’s consolidated net profit jumps 38.2% YoY in Q2

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Telecom Egypt (ETEL) reported 38.24% year-on-year (YoY) growth in consolidated net profit attributable to the holding company for the second quarter (Q2) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on August 11th.

Consolidated net profit attributable to the holding company reached EGP 2.41 billion in Q2 2022, compared to EGP 1.74 billion in Q2 2021.

In the first half (H1) of 2022, consolidated net profit attributable to the holding company fell slightly by 2.3% to EGP 3.78 billion from EGP 3.87 billion in H1 2021.

Operating revenues amounted to EGP 20.40 billion in H1 2022, rising from EGP 17.37 billion in the same period last year.

As per the standalone financial statement, the telecom operator achieved a standalone net profit after tax of EGP 2.59 billion in H1 2022, signaling a drop as compared to EGP 5.48 billion in H1 2021.

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.