FINANCIAL NEWS

Telecom Egypt reports 1.7% rise in Q1 net profit

14 May 2012

(MENAFN) Telecom Egypt’s CEO and Managing Director, Tarek Aboualam, stated that the firm’s first-quarter net profit rose 1.7 percent to USD151 million, from USD146.86 million in 2011’s same period, reported Reuters.

Aboualam said that USD31.43 million of the profits came from Vodafone Egypt, in which Telecom Egypt has a 45 percent stake.

He added that earnings before interest, tax, depreciation and amortization (EBITDA) reached USD227 million, with a margin of 52 percent.

Moreover, consolidated revenues reached USD438 million, recording an increase of 12 percent from last year’s same quarter.

It is worth noting that Egypt’s economy has been hit hard by the political unrest that toppled Hosni Mubarak in 2011 and hampered businesses and investments.

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