Cairo – Mubasher: The consolidated net profits attributable to the shareholders of Telecom Egypt reached EGP 6.69 billion in the first half (H1) of 2023, an annual hike from EGP 3.78 billion.
The operating revenues enlarged by 38% year-on-year (YoY) to EGP 28.13 billion in the January-June 2023 period from EGP 20.40 billion, according to the consolidated financial results.
Basic and diluted earnings per share (EPS) hit EGP 3.92 in the first six months (6M) of 2023, versus EGP 2.22 during the same period a year earlier.
Standalone Business
The standalone net profit after tax stood at EGP 5.72 billion in the first six months (6M) of 2023, marking a YoY leap from EGP 2.59 billion.
Non-consolidated operating revenues widened to EGP 21.89 billion in H1-23 from EGP 15.02 billion in the year-ago period, while the basic and diluted EPS jumped to EGP 3.35 from EGP 1.52.
Income Statements for Q2-23
In the second quarter (Q2) of 2023, the company posted higher consolidated net profits attributable to the owners at EGP 2.88 billion, compared to EGP 2.41 billion in Q2-22.
The revenues climbed to EGP 14.17 billion in April-June 2023 from EGP 10.98 billion in Q2-22, while basic and diluted EPS increased to EGP 1.69 from EGP 1.41.
As for the standalone business, the net profits after tax surged to EGP 3.26 billion in Q2-23 from EGP 1.94 billion during the same quarter in 2022.
Revenues enlarged to EGP 11.14 billion in the three-month period that ended on 30 June 2023 from EGP 8.17 billion a year earlier, whereas the EPS increased to EGP 1.91 from EGP 1.14.
Mohamed Nasr, Managing Director and CEO of Telecom Egypt, said: “We managed to attract new customers across the board, a positive indicator of our efforts to maintain our competitive position.”
“[Earnings before interest, taxes, depreciation, and amortisation] EBITDA margin came in at 43% and operating profit grew by 45% YoY, while organic net profit marked a growth of 67% YoY,” Nasr added.
The CEO highlighted: “Our modified shareholder’s agreement with Vodafone Egypt continues to reap its rewards – as we collected EGP 2.10 billion dividends in July 2023, turning our [free cash flow to the firm] FCFF into EGP 500 million for H1-23.”
As of 31 March 2023, the telecom firm’s consolidated net profits after tax hiked to EGP 3.81 billion from EGP 1.36 billion in Q1-22, including minority interest.
