(MENAFN)Telecom Egypt (TE) has scored a 33% year-on-year increase in consolidated revenues in the year to 31 December 2017, attributed to significantly higher turnover from its wholesale services, which was bolstered by the devaluation of the Egyptian pound against the US dollar, telegeography reported.
With the telco reporting a total turnover of EGP18.6 billion (USD1.1 billion) for FY 2017, it noted that even when normalizing for the foreign exchange impact, it still scored revenue growth of 13% y-o-y. EBITDA in the twelve-month period under review was up 36% at EGP5.2 billion, with an EBITDA margin of 28% (FY 2016: 27%).
Meanwhile, net profit for FY 2017 added up to EGP3.2 billion, representing annualized increase of 18% from the EGP2.7 billion reported a year earlier.
In operational terms, at the end of December 2017 TE had 4.07 million broadband subscribers on its books, up from 3.38 million a year earlier, while fixed voice accesses reached 7.15 million, up from 6.46 million. More significantly, the company has made a strong start in the mobile arena; having launched its "WE"-branded services in September 2017, TE confirmed that by end-2017 it had signed up 2.30 million wireless subscribers, up from 352,000 at the end of 3Q17.
MENAFN0603201800450000ID1096549789
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.