Telecom Egypt (TE) provided outgoing calls and voice services to Vodafone Egypt in 2017 worth EGP 1.57bn, while the value of messaging services offered from TE to Vodafone in the same year scored EGP 1.1bn.
According to the financial results of Telecom Egypt, the total loans and credit facilities it received during the past year reached EGP 7.2bn, versus EGP 3.3bn in 2016.
Telecom Egypt announced its financial results for the fiscal year ending on 31 December 2017, based on the consolidated financial statements prepared in accordance with Egyptian accounting standards. The company achieved good financial and operational performance, especially after the successful launch of its WE mobile network, which attracted 2.5 million users in a short time.
The company achieved total consolidated revenues for the fiscal year ending 31 December 2017 of EGP 18.6bn, up by 33% from the fiscal year 2016, and up by 13% after neutralising the impact of the exchange rate difference.
Profit before interest, taxes, and depreciation reached EGP 5.2bn, up by 36% from last year, marking a profit margin of 28%. Net profit after taxes registered EGP 3.2bn, compared to EGP 2.7bn in 2016, marking an increase of 18% with a profit margin of 17%.
The company also announced that subscribers to its ADSL services reached 1.4 million, up by 20% from last year. Meanwhile, the total users of its landline services registered 7.1 million, up by 11% from 2016 and the total number of users on its WE mobile network reached 2.3 million.