Telecom Egypt has released its financial report for H1 2023, showing a net profit of E£6.7 billion ($217 million), a growth driven by its 75% year-on-year growth in wholesale revenue and strong retail performance.
Per the report, Telecom Egypt’s total revenue grew to E£28.1 billion ($909 million), a 38% growth compared to H1 2022.
There was also an increase in its customer base across the board. It reached 12.6 million mobile customers during this period—a 7% year-on-year growth. The number of fixed voice subscribers and fixed-broadband internet customers increased by 5% and 8% respectively.
The company’s EBITDA for the first half of the year reached E£11.96 billion (~$387 million), marking a significant 48% increase from the previous year’s E£8.06 billion ($278 million). The company also achieved a high margin of 42.5%, compared to the previous margin of 39.5%, which was attributed to an improved revenue mix.
In May, Egypt sold a 9.5% stake in Telecom Egypt for $121.6 million as part of a move to raise revenue from privatising state-owned firms to meet a series of foreign debt obligations. Until the recent sale, the government held 80% of the Egyptian Stock Exchange-listed company, with the rest in free float.
Telecom Egypt owns 45% of Vodafone Egypt, the largest mobile network operator in Egypt by active subscribers, with a 42% market share in the mobile carrier space.