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Home Tech News Africa Tech News

Telecom Egypt reports $1.6 billion revenue growth in 2024

Oluwatosin Adeyemi by Oluwatosin Adeyemi
February 28, 2025
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Telecom Egypt reports $1.6 billion revenue growth in 2024
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Telecom Egypt ended 2024 with a record-breaking revenue of EGP 82 billion ($1.6 billion) with a growth of over 45 percent and a significant increase of its customer base across all services.

According to the report released on Thursday, the main driver of the 45 percent YoY increase in total revenue was the 48 percent YoY increase in data revenue, which accounted for 41 percent of the growth.

International Direct Dialing (IDD) revenue surged 68 percent, and domestic infrastructure services revenue grew 21 percent YoY.

Mobile, fixed broadband, and fixed voice customer bases grew by 13 percent, 8 percent, and 6 percent year over year, respectively. EBITDA recorded a healthy 40 percent margin with a 45 percent YoY rise.

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Telecom Egypt’s EGP 14.3 billion net profit 

The normalised net profit, which was EGP 14.3 billion, represented a robust 22 percent YoY rise, excluding EGP 4.9 billion in foreign exchange losses and EGP 0.6 billion in early retirement compensation.

A 64 percent increase in VFE income and strong operational efficiency drove this gain, countering the effects of a 48 percent increase in D&A and a 1.5x increase in interest expenses brought on by the EGP devaluation.

Compared to cash capital expenditures, which accounted for 43 percent of sales, in-service capital expenditures recorded EGP 19.8 billion, or 24 percent of sales.

With a 64 percent increase in gross debt as a result of the devaluation of foreign currency-denominated debt, net debt/EBITDA recorded 2.2x as opposed to 1.7x in FY 2023.

Read also: Senegal rolls out ‘new deal for technologique’ digital initiative

Strong performance amid inflationary challenges 

Despite ongoing inflationary challenges, this performance demonstrates strong top-line growth and focused cost-optimisation initiatives that allowed us to reach its goal margins.

However, there are currently indications that the cost-base is stabilising. This gives future planning more clarity and reflects the recent reduction in inflationary pressures and the move to a new, more stable cost structure.

Its core business segments had outstanding organic performance.

Due to a growing customer base and the effective implementation of price adjustments in December and earlier in the year, the retail segment saw a 42 percent YoY growth.

The main driver of this segment’s growth, data revenue, grew 48 percent year over year, thanks to the growing popularity of cloud-based services, the quick uptake of bandwidth-intensive apps, and rising smartphone penetration.

Its network’s vital role in supporting Egypt’s developing digital economy has been reinforced by the rise in demand for high-speed, low-latency connectivity brought about by the growth of online gaming, video streaming, and IoT-enabled solutions.

Telecom Egypt’s 48% wholesale segment growth 

The growth in international calls, domestic infrastructure services, and capacity sales, which contributed 16 percent, six percent, and five percent to the overall revenue growth, respectively, were the primary drivers of the wholesale segment’s robust 48 percent YoY growth.

Because of its strategic location and vast submarine cable network, Telecom Egypt continues to be a major global connectivity hub.

It inked a number of contracts during the year to increase subsea capacity, support growing global data traffic, and monetise assets.

By leveraging the growing demand from cloud providers, content platforms, and international carriers, these initiatives enhance its role in facilitating global connectivity.

14% fall in net profit 

The EGP 4.9 billion in non-recurring foreign exchange losses and the EGP 0.6 billion in early retirement benefits were the main causes of the 14% YoY fall in net profit, which was EGP 10.1 billion.

Normalised net profit, excluding these one-offs, is EGP 14.3 billion, representing a 17 percent margin and a 22 percent YoY growth.

With the mobile licence fees excluded, FCFF reported EGP 4.4 billion, meeting its goal of having a positive free cash flow to the firm by the end of the year and demonstrating the company’s robust cash flow generation capabilities.

Unstable macroeconomic climate 

The company acknowledges that its cash flow and profitability have been severely hampered by the unstable macroeconomic climate of the last two years.

It claims to have taken aggressive steps to optimise its capital structure, boost profitability, and improve cash flow, but its business foundations are still sound.

These initiatives demonstrate its steadfast dedication to resolving investor and shareholder concerns while bolstering its long-term financial standing. Its solid 2024 underpinnings put it in a position to grow sustainably in the years to come.

With the help of its extensive fixed fibre network and its best-in-class mobile network, which allow it to provide its clients with premium, fully-integrated services, it anticipates delivering strong financial results in 2025.

These results will be bolstered by a strengthened financial position, prudent capital allocation, and strong operational performance.

Subject to the general assembly’s approval, the Board of Directors has proposed a dividend of EGP 1.50 per share for 2024, reflecting their faith in the company’s strong performance and the company’s dedication to providing shareholder value.

Telecom Egypt’s CEO expresses enthusiasm 

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.”

This year was really remarkable for the company as it unveiled cutting-edge features and products that improved the well-being of its clients.

Tags: Telecom Egypt
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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