Telecom Egypt reports 16% boost to net profit

Mergers, Acquisitions and Financial Results

Telecom Egypt has reported that in the twelve months ended 31 December 2006 it generated EGP9.5 billion (USD1.68 billion) in sales, an 11% increase on the previous year’s figure.

EBITDA climbed from EGP4.7 billion in 2005 to EGP5.4 billion while net profit climbed 16% to EGP2.4 billion. Retail services generated 69% of total turnover, with local voice services representing one of the highest growth segments with an increase of 24% year-on-year to EGP1.97 billion as a result of the net effects of cost-based tariff rebalancing.

ADSL services, offered by its 95% owned subsidiary TE Data, also reported booming sales, with broadband subscriptions increasing threefold during the year to 92,332.