Telecom Egypt’s revenue increased by 20 percent to EGP 8.4 billion in the first quarter of 2021 compared to EGP 7.0 billion in the same period in 2020. Customers grew across the board, with fixed voice customers increasing 7 percent to 10.05 million, fixed data up 22 percent year-on-year to 7.26 million, and mobile customers 38 percent higher at 8.52 million. EBITDA rose 42 percent to EGP 3.2 billion, recording a strong margin of 39 percent thanks to an enhanced revenue mix and continued cost optimisation, the company said.
Net profit increased by 62 percent to EGP 2.1 billion. Excluding non-operational items such as provisions, impairments, forex gains, deferred tax, and inorganic growth in investment, net profit would reach EGP 1.8 billion, growing 77 percent year-on-year. In-service capex reached 14 percent of revenues, while cash capex totaled EGP 5.7 billion, mainly as a result of paying the first tranche of the new spectrum acquisition.
