Telecom Egypt announced its business results for the first half of this year, where the results showed a significant increase in profits by 88%, bringing the net profit after taxes to 3.9 billion pounds. .
The significant improvement in the semi-annual profit was due to operational performance and an increase in investment income from Vodafone and exchange gains.
The total consolidated revenues amounted to 17.4 billion pounds, with a growth rate of 16%, compared to the same period of the previous year, supported by an increase in data services revenues, which amounted to 31%, followed by an increase in revenues Voice services and other revenue for the corporate business unit.
The company showed a growth in its customer base across all services provided compared to last year, as the number of fixed-line subscribers increased by 6%, and the number of fixed-speed Internet customers increased by 18%, as well as 21% of mobile subscribers.
And by neutralizing the impact of the non-operating elements represented in the increase in deferred income taxes and the refund of Vodafone's allocations during the first quarter of this year and some other provisions, profits of currency differences and impairment losses amounting to Net profit to 3.5 billion pounds, a growth rate of 54%.
According to the results, capital expenditures for assets within the service represented 14% of the total revenue achieved, reaching 2.4 billion pounds, while cash capital expenditures without new frequencies represented 35% Of the total revenue, which reached 6 billion pounds.
The net debt amounted to 19 billion pounds, achieving a net debt ratio of profit before interest, taxes, depreciation and amortization on an annual basis of 1.4 times, compared to 1.6 times at the end of 2020. While the interest rate on debt decreased to 5.7%, compared to 6.9% in the first half of 2020.
Telecom Egypt had announced that it had received the second installment of its profits in Vodafone Egypt, worth 3.6 billion pounds, last July.
