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"Telecom Egypt WE", total revenue growth of 17.4 billion pounds of 32% over the previous year
Telecom Egypt announced today its financial results for the period ended September 30, 2018, according to the consolidated financial statements prepared in accordance with Egyptian accounting standards. The results of the second quarter of 2018 revealed:
Total consolidated revenues for the period ended September 30, 2018 amounted to EGP 17.4 billion, an increase of 32% over the same period of the year.
Driven by Internet services revenue growth of 45%, the agreement with Bharti contributed to 1.6 billion Egyptian pounds.
The number of mobile subscribers increased to 3.6 million, an increase of nearly 300,000 during this quarter, despite the imposition of development charges on new lines from third quarter of 2018, and the number of subscribers. Fixed lines 10% over last year and the number of high-speed Internet customers increased by 29%.
EBITDA was 5.3 billion EGP, an increase of 36% over the same period last year, driven by revenue growth, while profit margins stabilized at 31.3%. %.
Total operating income increased by 37% over the same period last year, despite a significant increase in depreciation, which reached 49% over the same period last year.
Net profit after tax has stabilized compared to the same period last year to reach 3.5 billion Egyptian pounds, after a decline in the first half of the year
This figure was estimated at 18%, due to the exceptional operating performance of the company, which offset the increase in financing costs, which quadrupled compared to the same period last year.
Commenting on the results of the third quarter of 2018, the engineer Ahmed Al-Behairi, chief executive and CEO of Telecom Egypt, said:
"We are proud to announce the performance of Telecom Egypt in the third quarter of 2018, which demonstrates the exceptional operational capability and operational efficiency of the company." During this quarter, we managed to execute two major projects in record time: the strategic partnership with Bharti The quarter was marked by the launch of the unified billing system, which includes our services such as mobile, landline and high-speed Internet services, one year after launch of our new brand "WE", a milestone in the company's retail business. "Ba Lancer the first integrated telecommunications operator with the launch of Indigo Plus offers. "
"Our success for the quarter is due to our ability to offset the decline in net income in the first half of 2018 and achieve stable net income for the nine months ended September 30, 2018. We also achieved EBITDA margin higher than end-of-year guidance, offsetting the increase in amortization expense and restructuring the company's debt to reduce the cost of borrowing. "
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