Telecom Egypt has announced its FY 2024 results, reporting that total revenue increased by 45% year-over-year (YoY), reaching EGP 82 billion.
This increase was primarily driven by a 48% YoY increase in data revenue, contributing 41% to the company’s overall growth, as well as a 68% surge in international direct dialing (IDD) revenue and a 21% YoY rise in domestic infrastructure services revenue.
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Sectoral Breakdown
The operator’s customer base increased YoY across the mobile, fixed broadband, and fixed voice sectors by 13%, 8%, and 6%, respectively. EBITDA witnessed a 45% YoY increase, recording a 40% margin.
Net profit stood at EGP 10.1 billion, marking a 14% YoY decline, primarily due to the EGP 4.9 billion distributed in non-recurring FX losses and EGP 0.6 billion distributed in early retirement compensation.
The Board of Directors has proposed a dividend of EGP 1.50 per share for 2024, subject to the general assembly’s approval, reflecting the company’s solid performance and commitment to delivering shareholder value.
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2025 Outlook
Mohamed Nasr, Managing Director and Chief Executive Officer, commented, "Telecom Egypt continues to lead the Egyptian telecommunications market with outstanding performance during 2024. The Egyptian market is promising and filled with growth opportunities, which Telecom Egypt is well-positioned to seize while navigating any regional or global economic challenges with resilience and a steadfast commitment to delivering on its strategic priorities, reinforcing its position as a strong and reliable partner for all domestic and global stakeholders.”
“We are now witnessing signs of cost-base stabilization. This reflects the recent easing of inflationary pressures and a shift to a new, more predictable cost structure, providing greater clarity for future planning.”
The strong foundations Telecom Egypt established in 2024 have positioned it for sustainable growth in the years ahead. The company expects to deliver robust financial results in 2025, supported by a strengthened financial position, disciplined capital allocation, and robust operational performance, driven by its vast fixed fiber network and leading mobile network, which enable it to deliver premium, fully-integrated services to its customers.
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