Cairo – Mubasher: Telecom Egypt posted consolidated net profits amounting to EGP 6.51 billion in the first half (H1) of 2024, versus EGP 6.69 billion in H1-23.
Net revenues reached EGP 37.95 billion in H1-24, up year-on-year (YoY) from EGP 28.13 billion, according to the financial statements.
During the first six months (6M) of 2024, the basic earnings per share (EPS) decreased to EGP 3.81 from EGP 3.92 in H1-23.
Total assets hiked to EGP 184.86 billion at the end of June 2024 from EGP 150.64 billion as of 31 December 2023.
Standalone Financials
The telecom group recorded an annual decline in standalone net profit after tax to EGP 4.41 billion during January-June 2024 compared to EGP 5.72 billion.
Non-consolidated revenues grew to EGP 27.72 billion in H1-24 from EGP 21.89 billion in H1-23, while the basic and diluted EPS dropped to EGP 2.69 from EGP 3.35.
Results for Q2
The EGX-listed company achieved consolidated profits valued at EGP 2.63 billion in the second quarter (Q2) of 2024, down from EGP 2.88 billion in Q2-23.
Basic EPS retreated to EGP 1.54 in Q2-24 from EGP 1.69 a year earlier, while the net revenues jumped to EGP 20.46 billion from EGP 14.17 billion.
The standalone profits plummeted to EGP 30.98 million in Q2-24 from EGP 2.26 billion a year earlier, whereas the net revenues increased to EGP 15.13 billion from EGP 11.14 billion.
In Q1-24, the consolidated net profits of Telecom Egypt increased by 1.83% YoY to EGP 3.88 billion from EGP 3.81 billion.
