Telecom Egypt reports a profit of LE 4.9 billion in 2020

In 2020, Telecom Egypt reported a profit of LE 4.9 billion, a rise of 10 percent on a year-on-year rate.

The company claimed that, during 2020, its combined sales hit LE 31.9 billion, with a growth rate of 24%.

The group attributed the progress to a 39% year-on-year rise in software sales, reflecting 53% of top-line growth, and a doubling in profit from cable ventures with a jump of LE 1.4 billion.

Around the same period, the Board members (BoD) announced an LE 0.5 per share payout for 2020, doubling the payout for 2019, reflecting a 4.4 percent dividend growth.

As reported by a leading daily, the company's Managing Director and Chief Executive Officer, Adel Hamed, stated, "This year's results reflect Telecom Egypt's fortitude and resilience throughout 2020 and its outstanding ability to accommodate the market's sudden shift towards digitization during the Covid- 19 outbreak,"

He also added that the company would focus on the extra bandwidth it will obtain shortly to ensure potential growth and have the highest value data items on the industry for our clients.

"We also plan to offer a wide range of cutting-edge IT solutions to our local and international customers through our data centers, including Egypt's largest facility that will be commissioned during 2021." He added.

The company's combined net income rose by 3 percent within the first nine months of 2020 to cross LE 3.53 billion, up from LE 3.42 billion in the same timeframe of 2019.

Within the telecom service market, Telecom Egypt focuses on advanced telecom operators. It has branches in the British Islands, Western Europe, the Middle East, and Northern Africa.

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