Telecom Egypt Records Strong Financial Performance in First Half of 2023

Cairo, August 17, 2023: Telecom Egypt, the state-owned telecommunications company, has announced impressive financial results for the first half of 2023. The company reported a net profit of 6.7 billion Egyptian pounds ($217 million) during this period, accompanied by a notable surge in total revenues, which reached 28.1 billion. This represents a remarkable growth rate of 38 percent compared to the same period in 2022.

One of the key drivers behind this robust performance is Telecom Egypt’s significant expansion of its customer base across various segments. The company achieved a seven percent year-on-year growth in its mobile customer base, reaching a total of 12.6 million mobile customers. This notable increase underscores the company’s strategic efforts to enhance its market presence and cater to evolving customer needs.

“We have a great opportunity to continue leading the data market and expand our mobile business,” Mohamed Nasr, Managing Director and CEO of Telecom Egypt, said in a statement.

Nasr further noted that the company was able to attract a new segment of customers in all its services, which was reflected in the profits that achieved a growth of 67 percent compared to the same period last year.

Telecom Egypt’s latest financial report demonstrates its continued commitment to delivering value to its stakeholders while capitalizing on the dynamic telecommunications landscape. The company’s achievements reflect its ability to adapt and thrive in a rapidly changing industry, setting a positive trajectory for its future growth and contributions to Egypt’s telecommunications sector.



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