Telecom Egypt reported its results for the first nine months of this year, showing revenues up by 37% year-on-year (y-o-y). The company has registered revenues of EGP 13.2bn in 2017, compared to EGP 9.6bn in 2016. Profit before interest and tax amounted to EGP 3.9bn, up 32% y-o-y, with a profit margin of 30%. Meanwhile, the cost of employees as a percentage of total revenues decreased by 25% down from 32%, due to the high push of revenues. Net profit after taxes amounted to EGP 3.5bn, compared to EGP 3.1bn y-o-y, with a growth of 12%. According to the financial results, the investment expenses during the nine months ending on 30 September 2017 amounted to EGP 3.3bn, after the deduction of the fees of the mobile operating license, compared to EGP 1.6bn in the same period last year. The total number of ADSL subscribers reached 3.8 million at the end of October, up by 14% for the first nine months of the year and 5% higher than the end of the second quarter of the year. Moreover, the number of land line subscribers reached 6.9 million in the third quarter of 2017, which is 10% higher y-o-y and 4% more than the number in the second quarter of 2017. The total number of TE mobile subscribers reached 1.6 million.
