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Thndr Claps » EGY Claps » Earnings 📈 » Telecom Egypt profits increase 1% YoY☎

Telecom Egypt profits increase 1% YoY☎

by Shams Abbas
November 14, 2022

The Clap
Telecom Egypt’s (ETEL) profits for the first nine months of 2022 increased 1% on an annual basis.

What
Profits recorded EGP 6.2 billion on the back of a 22% year-over-year increase in revenues.

So what
Telecom’s CEO attributed the jump in revenues to increased demand for the company’s data services both locally & internationally, which made up 39% of revenues.

Now what
Despite increased costs due to inflationary pressures, Telecom Egypt is confident it can keep improving its cash flows by increasing its foreign currency sources of income.

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