Telecom Egypt’s consolidated net profit rises 2% YoY in Q1-24

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Cairo – Telecom Egypt posted a consolidated net profit after tax and non-controling interests of EGP 3.88 billion during the first quarter (Q1) of 2024, up 1.83% year-on-year (YoY) from EGP 3.81 billion.

Consolidated operating revenues soared to EGP 17.48 billion in Q1-24 from EGP 13.95 billion in Q1-23, according to the interim financial results.

The basic and diluted earning per share (EPS) rose to EGP 2.27 during the three-month period that ended on 31 March 2024 from EGP 2.23 in the equivalent period the year before.

Standalone Results

Telecom Egypt’s standalone net profit rose to EGP 4.38 billion in the January-March period from EGP 2.46 billion in the comparative period of 2023.

Standalone operating revenue grew to EGP 12.59 billion in Q1-24 from EGP 10.75 billion in Q1-23.

Mohamed Nasr El-Din, Managing Director and CEO of Telecom Egypt, said: “I am glad to report the continuation of our growth momentum at the beginning of the year. Our Q1-24 operational and financial results reflect the resilience of our business in the face of macroeconomic challenges.”

“As the year progresses, we will focus on enhancing our cost efficiency and on monetising our assets particularly those that generate returns in foreign currency,” Nasr El-Din added.

In 2023, Telecom Egypt reported consolidated net profits valued at EGP 11.47 billion in 2023, an annual surge from EGP 9.18 billion.

Source:Mubasher