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Earnings Release
Earnings Release
Telecom Egypt (Ticker: ETEL.CA; TEEG.LN) today announced its reviewed Q1 2023 financial results,
according to the Egyptian Accounting Standards (EAS), for the period ending 31 March 2023.
We continue executing our strategy and we remain committed to expanding and diversifying our
service offerings, growing our customer base, enhancing customer experience, as well as a
compelling financial model to all our stakeholders, we will reach even greater heights.
I aim to fully leverage the dedicated effort to continue forging ahead with our ambitious
goals and strong execution to create lasting value, while setting the pace and growing the
now and well into the future
In late January, Telecom Egypt announced that the National Telecom Regulatory Authority (NTRA)
accepted its financial and technical offer to obtain an additional 5MHz of spectrum in the 1800MHz
band using FDD technology.
In late March, Telecom Egypt announced the appointment of Eng. Mohamed Nasr Eldin as
Managing Director and CEO of the company to succeed Eng. Adel Hamed.
In early May, within its continuous efforts to enhance its value proposition, Telecom Egypt,
announced the recent successful landing of the 2Africa subsea cable in Port Said. This milestone
marks the second and final 2Africa landing in Egypt, coming five months after the first landing in
the Red Sea city of Ras Ghareb.
Revenue breakdown
Q1
EGP mn Q1 23 % YoY Q4 22 % QoQ
22
Home & Consumer 5,864 5,006 17.2% 5,7 2. %
Enterprise 1,689 1,183 42.9% 1,9 -1 . %
Domestic Wholesale 2,555 1,397 82.8% 1,683 51.8%
International Carriers 1,828 1,034 76.7% 1,370 33.4%
International Customers & Networks 2,022 797 153.6% 1,237 63.5%
Margins
EBITDA Margin % 44.0% 38.0% 601 bps 34.1% 993 bps
1,452
EBIT Margin % 34.6% 23.5% 1,110 bps 20.1%
bps
NPAT Margin % 27.3% 14.5% 1,281 bps 25.1% 222 bps
Results discussion
Q1 2023:
Top line grew 48% YoY on robust wholesale growth (+98% YoY), followed by higher retail
revenue (+22% YoY).
EGP mn Q1 23 Q1 22 %
Net Cash Provided by Operating Activities 5,787 2,622 121%
Net Cash Flows from Investing Activities -5,897 -5,394 9%
Net Cash Flows from Financing Activities 5,607 2,322 141%
Net Change In Cash & Cash Equivalents 5,497 -449 1323%
Translation Differences of Foreign entities 23 24 - 4%
Beginning of Period Cash 6,752 2,923 131%
End of Period Cash 12,273 2,498 391%
End