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Rana Mamdouh
The consolidated financial statements of Telecom Egypt for the first half of this year show a 3.4% increase in its net profit compared to the same period of last year.
The company achieved a net profit of EGP 2.133 billion in the six-month period ended June 2019, compared with EGP 2.061.732 billion in the comparative period, taking into account minority interests, the company said in a statement.
Revenues from activity over the same period increased to £ 12,695,853 billion from £ 10,126,612 billion in the same period.
Earnings rose in the first half of this year to 5.012.297 billion pounds, compared with 4.176921 billion pounds in the corresponding period.
The earnings per share for the same period was 1.25 EGP against 1.21 EGP for the comparative period.
As far as independent activities are concerned, Telecom Egypt's financial statements showed that its net profit increased by £ 5,038.41 billion in the first half of this year, compared with £ 1,423.468 billion in the corresponding period.
Revenues from activity over the same period reached £ 10 232 788 billion, compared with £ 8.39.451 billion in the corresponding period.
Profit for the first half of this year rose from 3,051.476 billion pounds to 3,565,998 billion pounds over the same period.
Increase of 11% for fixed network customers, 19% for Internet broadband customers and 29% for mobile subscribers
The number of fixed line subscribers increased by 11%, the number of fixed broadband subscribers by 19% and the number of mobile subscribers by 29% compared to the corresponding period.
The company recorded a cost of LE 1 billion in benefits for nearly 2,000 employees under the early retirement program.
Adel Hamed, CEO of Telecom Egypt, commented on the financial results for the second quarter of 2019: "The Company's outstanding financial and operating performance during this quarter demonstrated our ability to continue to implement our strategy and maximize return on investment by improving the level of services. Provided to our customers, which is clearly reflected in the increase in revenue from data services. "
"Cable Cable's announcement revenue announced last April contributed to a 24% increase in revenue growth over the same period last year."
Hamed has expressed pleasure in launching the Internet Space System, which is an evolution of the Egyptian Internet market by offering a range of broadband packages starting at 30 Mbps instead of 5 Mbps, which maximizes the benefits of our investment in development. of our network.
"We continue to provide more services to our customers as the company has laid the groundwork for the delivery of Internet television broadcasting services in all parts of the Republic, as well as the launch of the application of the wallet. via mobile, enabling it to become a leader in the Egyptian telecommunications market ".
"In addition to strong revenue growth, the company has successfully implemented a number of cost reduction initiatives, including debt restructuring, which has resulted in a reduction in funding benefits and a reduction in revenue. early retirement program, which will generate short-term financial savings.
In a separate statement, the company announced that the board of directors, at its August 7 meeting, approved the appointment of Abdul Sattar Abdul Salam as the executive vice president for regional affairs.
The Board of Directors also approved the appointment of Mohamed Hussein to Moncef, Deputy Chief Technical Officer, effective July 3, 2019.
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