Telecom Egypt posted £E 681.2 million profit for the third quarter of this year, a rise of 65% from last year. This was the fifth-largest quarterly profit on record on Thursday beating analysts forecasts which ranged from 560 million to 650 million pounds.
The company disclosed that this profit was helped by its subsidiary, Vodafone Egypt, where it owns 45% stake. Earnings from Vodafone Egypt jumped 25 % to 330 million pounds.
"The mobile market in Egypt is growing and Vodafone is clearly outperforming the other operators," Telecom Egypt Chairman Akil Beshir told Reuters.
About Telecom Egypt
Telecom Egypt is Egypt’s main Telephone company. It started in 1854 with the first telegraph line in Egypt. In 1998, it replaced the former Arab Republic of Egypt National Telecommunication Organization (ARENTO).
The company had 11.3 million fixed-line subscribers at the end of June, up 3 percent, which makes it the largest fixed line provider in the Middle East and Africa.
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