Telecom Egypt released FY2013 financial statements according to EAS. Revenue for 4Q2013 was recorded at LE2.8 billion, up 12 percent YoY but down 3 percent QoQ.
FY2013 revenue grew 11 percent to LE11.13 billion versus LE10.73 billion last year.
Gross profit for 4Q2013 came at 42.4 percent versus 46.5 percent in 3Q2013 and 34 percent in 4Q2012.
Net profit for 4Q2013 at LE546 million, up 21 percent YoY but down 16 percent QoQ. This translates to a full year net profit of LE2.95 billion versus LE2.61 billion last year.
Middle Eastern investment bank Beltone Financial in Cairo, said in a research note that "Telecom Egypt's Revenue for 4Q2013 beat our estimates by 5 percent and consensus’ by 15 percent, net profit for 4Q2013 came in line with consensus estimates but beat ours."
