Cairo – Mubasher: Telecom Egypt on Tuesday reported a 22% year-on-year rise in profits to EGP 1.27 billion for the second quarter of 2017 on the back of an increase in revenues.
The telecom company’s revenues reached EGP 4.64 billion in the three months ended June 2017, up from EGP 3.29 billion in the prior-year period, according to a bourse filing.
The firm’s market share of high-speed internet rose to 77%, while the number of subscribers increased by 15%, Telecom Egypt said.
Ahmed El Beheiry, Telecom Egypt's CEO and managing director, attributed the growth in profits to the strong demand for data services in the retail sector, where these services are the main controller of the telecommunications market.
The Egyptian landline operator had previously reported achieving EGP 1.34 billion in profits in the three months ended March 2017, versus EGP 1.27 billion in the same period of the year before.
Telecom Egypt’s stock closed Monday’s trading session 0.53% higher to EGP 11.41, with a turnover of EGP 12.03 million.
