Telecom Egypt reports 9.09% YoY surge in 2022 profits

Telecom Egypt (ETEL) recorded a consolidated net profit attributable to the company’s owners of EGP 9.182 billion in 2022, up 9.09% year on year (YoY) from EGP 8.417 billion in 2021, according to the company’s financial statements.

Consolidated operating revenue grew to EGP 44.273 billion last year from EGP 37.087 billion in 2021.

Meanwhile, the telecom operator’s standalone net profit after tax jumped to EGP 7.345 billion in 2022, compared to a profit of EGP 6.955 billion in 2021.

Telecom Egypt is the first integrated telecom operator in Egypt and is one of the region’s largest operators of subsea cables.

The Cairo-based company is listed on the EGX and it operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.