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MarketScreener Homepage  >  Equities  >  Egyptian Exchange  >  Telecom Egypt Company S.A.E.    ETEL   EGS48031C016

TELECOM EGYPT COMPANY S.A.E.

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

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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.'

Disclaimer

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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Financials
Sales 2020 28 196 M 1 799 M 1 799 M
Net income 2020 3 667 M 234 M 234 M
Net Debt 2020 15 673 M 1 000 M 1 000 M
P/E ratio 2020 7,13x
Yield 2020 2,04%
Capitalization 20 946 M 1 334 M 1 336 M
EV / Sales 2020 1,30x
EV / Sales 2021 1,11x
Nbr of Employees -
Free-Float 20,0%
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Technical analysis trends TELECOM EGYPT COMPANY S.A.E.
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 7
Average target price 18,10 EGP
Last Close Price 12,27 EGP
Spread / Highest target 96,4%
Spread / Average Target 47,5%
Spread / Lowest Target 22,2%
EPS Revisions
Managers
NameTitle
Adel Hamed Ibrahim Gadalla Chief Executive Officer, Director & MD
Maged Ibrahim Osman Chairman
Mohamed Hassan Shamroukh Gomaa Chief Financial Officer, Director & Senior VP
Antar Kandil Chief Information Officer & Vice President
Ahmed Mohammed Jamal Abou Ali Independent Non-Executive Director
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