Telecom Egypt announces revenue growth of 15% YoY and customer rise in Q1 results

Consolidated revenue closed at EGP 7bn, growing 15% YoY. The increase is mainly attributable to strong retail performance (+24% YoY) thanks to higher data revenue (+31% YoY). Customer base grew across the board with fixed voice increasing by 18% YoY, fixed data customers by 7% YoY, and mobile customers by 46% YoY.

Adel Hamed, Group Chief Executive, commented: “First, I would like to extend my well wishes to everyone; I hope you are safe and healthy during such trying times. Secondly, we are very pleased to announce that Telecom Egypt has delivered solid results in the first quarter of 2020, including strong financial and operational performance. Data revenue continued to lead growth with a 65% contribution to top line growth followed by high cable projects and voice revenues in light of the continued monetization of our infrastructure investments and customer base expansions.”

Commenting on the COVID-19 situation he added: “In the wake of the COVID-19 pandemic, the Egyptian government has taken decisive actions to protect all residents such as implementing curfews, shutting down schools, and imposing travel restrictions. As a result, we have seen a significant spike in data usage given the new social distancing and work-from-home policies that increased overall dependency on data.”

“Effectively, the investments that Telecom Egypt undertook over the past few years paid off for our customers and the Company. Our network has been resilient and we have adapted very quickly to the new norm to meet the increasing demand for our services. Additionally, we have undertaken numerous steps to ensure that we are stepping up to assist the society in such dire times through our various CSR initiatives,” he concluded.