The Clap:
Government-owned Telecom Egypt (ETEL) recorded over a 25% increase to its top line during the first quarter of the year and saw an uptick in net income too.
Revenues:
The company saw its operating revenues rise 25.2% YoY to EGP 17.48 billion.
Gross profit:
ETEL saw its sales profit increase over 15% YoY to EGP 6.96 billion.
Operating profit:
The firm’s earnings before interest and tax fell 5% YoY to EGP 3.61 billion.
Net profit:
ETEL recorded a marginal uptick in its net income to EGP 3.88 billion, recording a 1.84% YoY growth.
Big moves from the national telecom giant:
Late last month, the firm — which owns a 45% stake in Vodafone Egypt — launched in cooperation with Huawei Cloud Africa’s first public cloud services platform. It also received an USD 200 million loan from Banque Misr aimed at helping it refinance its existing short term facilities as part of a strategy to reduce borrowing costs, ensure liquidity, and improve its financial flexibility.
