Broadband Strengthens 2006 Results For Telecom Egypt

March 2007 | Company Finance Alert

Incumbent operator Telecom Egypt has reported its FY06 results, with revenues of EGP9.5bn, up by 11% y-o-y and net profits of EGP5.4bn, up by 16% y-o-y. While the operator's chairman Akil Beshir pointed out the effect its tariff rebalancing program had had on revenue growth, it was the operator's retail internet business TE Data, which was the star performer over the course of 2006. Reaffirming its position as the broadband retail market leader, with an estimated 45% share, the operator reported a 238% y-o-y growth in its ADSL subscriber base to 92,332 users as of December 2006. This in turn represented internet and data revenue at a compound annual growth rate (CAGR) over the past four years of 87%, while 2006 revenues ended with EGP184mn.

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