Telecom Egypt posts 14% rise in Q2 profit, proposes dividend
Net profit represented a 14% increase from a year ago
Cairo: Fixed-line monopoly Telecom Egypt posted $142.66 million (Dh524.7 million) in net profit in the second quarter and said on Wednesday it hoped to obtain a unified landline and mobile license soon allowing it to boost earnings further.
The net profit figure of 1.02 billion Egyptian pounds represented a 14 per cent increase from a year ago, driven by Telecom Egypt’s role in building international networks. It proposed a $0.05 cash dividend for 2014 on the back of increased revenues across all business units and the highest quarterly revenue in its history. Chief Executive Mohammad Al Nawawy told Reuters in a telephone interview that the revenue growth in its international business arose from building networks to India and East Africa and most recently to Asia-Pacific and China.
