Telecom Egypt Shares Hit Record High Following Triple Increase in Q3 Profits

Shares of Telecom Egypt (WE), the country’s largest telecommunications operator, surged to an all-time high on Thursday, driven by a remarkable 203% year-on-year jump in third-quarter profits.

The company reported a net profit of approximately EGP 6.47 billion ($174 million) for the three months ending in September, a threefold increase compared to the same period last year. Analysts attribute the surge to higher investment returns and stable financing costs, according to official data published on the Egyptian Exchange (EGX). 

While the stock later trimmed gains, it closed up 6.4% at EGP 56 per share, even as the benchmark EGX index slipped slightly.

Telecom Egypt’s revenue also climbed 35.4% year-on-year to EGP 27.6 billion, boosted by higher earnings from data services, international incoming calls, and infrastructure services provided to other operators.

The company’s nine-month results reveal that its investment in Vodafone Egypt, in which it holds a 45% stake, generated EGP 10.8 billion in revenue, doubling the EGP 5.3 billion earned in the same period last year. This growth was supported by the company’s 2024 service price adjustments and operational efficiencies, although third-quarter investment revenue was not disclosed separately.

In a corporate leadership update, Telecom Egypt’s board in September approved the appointment of Tamer El-Mehdi as managing director and CEO, replacing Mohamed Nasr El-Din.

Market observers say the record performance highlights Telecom Egypt’s resilient growth amid a challenging economic environment, and underscores the strategic value of its investments in regional telecom assets.