Egypt - Telecom Egypt saw its net profits rise by 25% in 2023 compared to 2022.

The company announced its business results for the year 2023, which ended on 31 December, showing a net profit of about EGP 11.5bn.

The consolidated revenue grew by 28% year-on-year, reaching EGP 56.7bn, driven by data services revenues, which increased by 18% and accounted for the largest share of the growth, followed by infrastructure revenues, international call revenues, and submarine cable projects, which grew by 27%, 76%, and 64% respectively.

The business results also revealed an 8% increase in the number of fixed-line telephone subscribers and a 9% increase in the number of fixed-internet customers compared to 2022, while the number of mobile service subscribers remained unchanged from the previous year.

The company achieved a 28% increase in operating profit year-on-year, despite a 27% increase in direct costs.

Capital expenditures for in-service assets amounted to EGP 20.3bn, representing 36% of total revenues, while cash capital expenditures reached EGP 26.4bn, including licensing and frequency expenses.

Mohammed Nasr, the Managing Director and CEO of Telecom Egypt, stated that the company recorded revenues of EGP 14.7bn in the fourth quarter of 2023, with a 23% growth rate compared to the same quarter in 2022.

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