An official source at Telecom Egypt said that the value of the company's investments in sister companies totaled 9.245 billion pounds as of March 31, 2019, against 13.452 billion pounds as of December 31, 2018, down 4,207 billion pounds, after receiving 4.854 billion pounds from Vodafone. Based on the agreement signed in February, adding that Telecom Egypt's stake in Vodafone at the end of last March was 3.948 billion pounds.
In February, Vodafone Egypt and Telecom Egypt signed a distribution contract totaling 12.2 billion LE, with a participation of 5.2 billion Egyptian pounds, with distributions in two phases, the first of 4.8 billion in March 2019. And the second stage of LE 0.7 billion in June 2020.
Telecom Egypt reported an increase in its profits from Vodafone Egypt, which holds about 45% of its shares to reach 647 million pounds in the first quarter of 2019, against 287 million pounds in the first quarter of 2018.
Telecom Egypt reported revenues of LE 6.1 billion during the first quarter of 2019 (January to March), an increase of 27.3% year-on-year and 12.5% year-over-year.
Net income after tax rose last year to £ 1.6bn, a margin of 27%. The capital investment rate of total revenue was 23% due to our continued investment in infrastructure.