Egypt offers to sell 10% of government's stake in Telecom Egypt
Egypt is offering a 10 percent government-owned stake in Telecom Egypt for sale, according to sources who spoke to Reuters.
The government owns 80 percent of Telecom Egypt's shares, and 20 percent is traded on the Egyptian Stock Exchange (EGX).
Telecom Egypt's net profits increased by 9 percent on an annual basis in 2022, amounting to about LE 9.2 billion, according to the company's financial results announced Monday.
Telecom Egypt's revenues increased in 2022 by 19 percent, amounting to LE 44.3 billion.
The increase in the company's revenues was driven by an increase in the revenues of the retail business units and the wholesale business units by 21 percent and 17 percent, respectively.
The number of fixed-line subscribers increased by 5 percent, and the number of fixed-high-speed internet customers increased by 9 percent.