Telecom Egypt profit jumps in Q1

This marked a Year on Year (YoY) rise of 62%

  
The logo of Telecom Egypt is seen on a building in Cairo, Egypt September 12, 2017.

The logo of Telecom Egypt is seen on a building in Cairo, Egypt September 12, 2017.

REUTERS/Amr Abdallah Dals

ArabFinance:Telecom Egypt (ETEL) posted a consolidated net profit before minority interest of EGP 2.124 billion in quarter one (Q1) 2021, according to the company’s May 11thfinancial statements filed to the Egyptian Exchange.

This marked a Year on Year (YoY) rise of 62% when compared to EGP 1.312 billion in Q1 2020.

Standalone net profit reached EGP 1.849 billion in Q1 2021, a 226% leap from EGP 566.914 million posted in the prior-year period.

The telecom provider signed a cooperation protocol with MARAKEZ for Real Estate Investment to provide integrated communication services and connect telecommunications networks to all its projects with the highest internet speed.

Telecom Egypt is an Egypt-based joint-stock company, which is engaged in the provision of public communications and associated products and services.

The company operates under the following segments: communications, marine cables, and infrastructure; internet services, as well as outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.

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