Telecom Egypt (ETEL) has reported a 5.59% year-on-year (YoY) decline in its consolidated net profit attributable to the holding company for the first nine months of 2024, according to the consolidated financial statement filed with the Egyptian Exchange (EGX) on November 14th.
The company’s consolidated net profit attributable to the holding company for the nine-month period ending September 30th stood at EGP 8.637 billion, down from EGP 9.148 billion in the same period in 2023.
Operating revenues for the period rose to EGP 58.430 billion, up from EGP 41.958 billion in the same period last year.
In the third quarter (Q3) of 2024, Telecom Egypt’s consolidated net profit attributable to the holding company decreased to EGP 2.125 billion, compared to EGP 2.452 billion in Q3 2023.
According to the standalone financial statement, the telecom operator achieved a standalone net profit after tax of EGP 5.883 billion for the January-September period in 2024, which is lower than EGP 6.585 billion in the same period of 2023.
Telecom Egypt, based in Cairo, is the first integrated telecom operator in Egypt and one of the largest operators of subsea cables in the region. The company is listed on the EGX and operates across various sectors including communications, marine cables, infrastructure, internet services, and outsourcing. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.