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    ETEL   EGS48031C016

TELECOM EGYPT COMPANY S.A.E.

(ETEL)
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Q1 2021 results: Continue top line growth filters through to strong net profit

05/10/2021 | 06:16pm EDT

Telecom Egypt today announces its Q1 2021 results for the period ending 31 March 2021.

Q1 2021 key highlights

  • Consolidated revenue came in at EGP 8.4bn, growing 20% YoY on higher data revenue (+37% YoY) constituting 66% of top line growth.

  • Customer base grew across the board with fixed voice customers increasing 7% YoY, fixed data 22% YoY, and mobile customers 38% YoY.

  • EBITDA landed at EGP 3.2bn, growing 42% YoY and recording a strong margin of 39% thanks to an enhanced revenue mix and continued cost optimization.

  • Net profit reached EGP 2.1bn, growing 62% YoY, thanks to strong operational results. Excluding non-operational items such as provisions, impairments, FX gains, deferred tax, and inorganic growth in investment, net profit would reach 1.8bn, growing 77% YoY.

  • Operating cash flow grew 80% YoY and 33% QoQ, reaching EGP 3.4bn.

  • In-service CapEx/sales recorded 14%, while cash CapEx reached EGP 5.7bn mainly as a result of paying the first tranche of the new spectrum acquisition.

  • Net debt reached EGP 19.8bn, representing 1.5x of annualized EBITDA, declining from 1.6x in FY 2020, while the effective interest rate declined to 5.7% vs. 7.4% in Q4 2020.

Adel Hamed, Managing Director and Chief Executive Officer, commented:

'I am very pleased with this quarter's results as they reflect Telecom Egypt's ability to preserve its growth momentum witnessed during 2020 and report strong financial and operational results. We have witnessed double-digit growth across the P&L; with revenue growing 20%, EBITDA 42% with a margin of 39%, and normalized net profit 77% YoY. The main growth driver continues to be data, both fixed and mobile, and we have witnessed growth in customer numbers and spending, which we continue to push by not only investing in our network, but also enhancing customer experience to solidify our leading position in the market. Our aim is to continue to translate the impressive growth in our top-line, now that it is evident in our bottom line, to our cash flows. We monitor our operating and free cash flow closely and continue to look into cost optimization and CapEx rationalization strategies that also support the growth of the business.'

Disclaimer

Telecom Egypt Company SAE published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2021 22:15:01 UTC.


© Publicnow 2021
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Financials
Sales 2021 34 086 M 2 182 M 2 182 M
Net income 2021 5 958 M 381 M 381 M
Net Debt 2021 28 350 M 1 815 M 1 815 M
P/E ratio 2021 4,57x
Yield 2021 5,63%
Capitalization 23 745 M 1 516 M 1 520 M
EV / Sales 2021 1,53x
EV / Sales 2022 1,45x
Nbr of Employees -
Free-Float 20,0%
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Number of Analysts 8
Last Close Price 13,91 EGP
Average target price 17,99 EGP
Spread / Average Target 29,3%
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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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