Telecom Egypt signed an agreement last February with Vodafone Egypt to pay 82% of Telecom Egypt's retained earnings in two phases, the first in March of 4.8 billion pounds and the second in June 2020 of 0.7 billion euros pounds.
After the acquisition of Telecom Egypt, in the first slide, we revealed where the company ..
1- The reduction of interest expenses, whereby Telecom Egypt liquidated all loans denominated in the Egyptian pound with high interest rates and reduced its debt to R $ 9.6 billion, against 13.8 billion in the fourth quarter of 2018, which should be reflected positively in interest expenses in the second quarter of 2019.
2. The Egyptian Telecommunications Authority has paid £ 175 million to its employees after receiving the allocations and plans to fund the early retirement program, which should begin after Ramadan.
Telecom Egypt announced that the board of directors approved the proposed early retirement program for company employees at the end of March. The program is considered one of the largest management initiatives to rationalize the company's costs in the medium term. 2000 employees in 2019.
Telecom Egypt posted strong financial results for the first quarter of 2019. Earnings rose 109% year on year to £ 1.6bn in the first quarter of 2019 from £ 774m in the first quarter of 2018.