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    ETEL   EGS48031C016


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Q1 2020 Results: Revenue growth of 15% YoY and customer rise across fixed voice, broadband and mobile

06/10/2020 | 02:28pm EDT

Telecom Egypt today announces its Q1 2020 results ending 31 March 2020.
Q1 2020key highlights
• Consolidated revenue closed at EGP 7bn, growing 15% YoY. The increase is mainly attributable to strong retail performance (+24% YoY) thanks to higher data revenue (+31% YoY).
• Customer base grew across the board with fixed voice increasing by 18% YoY, fixed data customers by 7% YoY, and mobile customers by 46% YoY.
• EBITDA landed at EGP 2.3bn, growing 20% YoY with a margin of 33% thanks to the higher margin revenue mix.
• Operating profit reached EGP 1.2bn, growing 4% YoY thanks to the strong top line growth that offset the hike in D&A caused by the accelerated CapEx program.
• Net profit came in at EGP 1.3bn, declining 19% YoY due to a 28% YoY decline in investment income from Vodafone, which offset the strong operational growth and the FX gains.
• In-service CapEx intensity recorded 11%.
• Net debt amounted to EGP 15.6bn, representing 1.7x of annualized EBITDA declining from 2.1x in FY 2019 (adjusted for the ERP).
Adel Hamed, Group Chief Executive, commented:
'First, I would like to extend my well wishes to everyone; I hope you are safe and healthy during such trying times. Secondly, we are very pleased to announce that Telecom Egypt has delivered solid results in the first quarter of 2020, including strong financial and operational performance. Data revenue continued to lead growth with a 65% contribution to top line growth followed by high cable projects and voice revenues in light of the continued monetization of our infrastructure investments and customer base expansions.
In the wake of the COVID-19 pandemic, the Egyptian government has taken decisive actions to protect all residents such as implementing curfews, shutting down schools, and imposing travel restrictions. As a result, we have seen a significant spike in data usage given the new social distancing and work-from-home policies that increased overall dependency on data. Effectively, the investments that Telecom Egypt undertook over the past few years paid off for our customers and the Company. Our network has been resilient and we have adapted very quickly to the new norm to meet the increasing demand for our services. Additionally, we have undertaken numerous steps to ensure that we are stepping up to assist the society in such dire times through our various CSR initiatives.'


Telecom Egypt Company SAE published this content on 11 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2020 18:27:04 UTC

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Mean consensus BUY
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Average target price 17,62 EGP
Last Close Price 12,65 EGP
Spread / Highest target 77,9%
Spread / Average Target 39,2%
Spread / Lowest Target 4,35%
EPS Revisions
Managers and Directors
Adel Hamed Ibrahim Gadalla Chief Executive Officer, Director & MD
Mohamed Hassan Shamroukh Gomaa Chief Financial Officer, Director & Senior VP
Maged Ibrahim Osman Chairman
Antar Kandil Chief Information Officer & Vice President
Mohamed Al-Fowey Chief Technology Officer & Vice President
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