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

TELECOM EGYPT COMPANY S.A.E.

(ETEL)
  Report
End-of-day quote. End-of-day quote Egyptian Exchange - 10/28
11.84 EGP   -2.87%
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Q2 2019 Results:Revenue growth continues coupled with implementation of successful cost initiatives

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08/07/2019 | 07:40pm EDT

Telecom Egypt today announces its Q2 2019 results ending 30 June 2019.

H1 2019 key highlights

• Consolidated revenue totalled EGP 12.7bn, increasing 25% YoY on the back of higher data services and increased cable projects revenue mainly owed to the recognition of the USD 20mn PEACE cable crossing.

• Customer base demonstrated improved trends across all segments with fixed voice customers growing 11% YoY, fixed broadband increasing by 19% YoY and mobile reporting a 29% growth.

• The company recorded a total cost of EGP 1bn for the Early Retirement Program (ERP) with c2000 employees signing up, which will be paid to the employees in Q3. Such cost led to the decline of EBITDA to reach EGP2.6bn and net profit stabilized at EGP 2.1bn.

• Excluding the ERP, EBITDA would reach EGP 3.6bn, growing 11% YoY recording a margin of 29% and net profit would land at EGP 2.9bn.

• Normalized net profit increased 41% YoY as a result of forex gains, EBITDA growth and the rebound in Vodafone's investment income.

• In-service CapEx intensity reached 29% as a result of the company's plan to accelerate infrastructure and network development to complete the copper-to-fibre replacement program in 2 years rather than 4, ending by 2020.

• Net debt amounted to 10.2bn, representing 1.6x of annualized EBITDA compared to 2.1x in FY 2018.

Adel Hamed, Group Chief Executive, commented:

'This quarter, our operational and financial performance demonstrated our ability to successfully execute our strategy and maximize our return on investment by enhancing the quality of our services, which was clearly reflected in the notable growth of our data revenue. The recognition of PEACE cable revenue that was introduced last April also contributed to the 24% YoY top line growth.

We are very pleased with the launch of WE SPACE internet offerings that represent a shift in the Egyptian broadband market through the introduction of high speed bundles with speeds that start from up to 30 Mbps instead of 5Mbps, allowing us to better monetize our network investments. Additionally, the company has completed the groundwork for the preparation for the nationwide launch of IPTV services and the WE Wallet to fulfil our strategy of leading the market as a total ICT provider.

In parallel to our strong revenue growth, we successfully implemented cost cutting initiatives including the restructuring of our debt, which lowered this quarter's interest costs, and the activation of the early retirement program that will further reduce our expenses on the short-run.'

Disclaimer

Telecom Egypt Company SAE published this content on 08 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2019 22:39:01 UTC


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Financials
Sales 2020 28 196 M 1 802 M 1 802 M
Net income 2020 3 667 M 234 M 234 M
Net Debt 2020 15 673 M 1 001 M 1 001 M
P/E ratio 2020 6,88x
Yield 2020 2,11%
Capitalization 20 212 M 1 287 M 1 291 M
EV / Sales 2020 1,27x
EV / Sales 2021 1,09x
Nbr of Employees -
Free-Float 20,0%
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Telecom Egypt Company S.A.E. Technical Analysis Chart | MarketScreener
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Technical analysis trends TELECOM EGYPT COMPANY S.A.E.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 7
Average target price 18,10 EGP
Last Close Price 11,84 EGP
Spread / Highest target 104%
Spread / Average Target 52,9%
Spread / Lowest Target 26,7%
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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