Telecom Egypt sees 10% y-o-y income growth in 2020

State-owned Telecom Egypt recorded EGP 4.9 bn in net income in 2020, up 10% y-o-y and marking the landline monopoly’s largest bottom line to date, the company said in its earnings release (pdf). Consolidated revenue grew 24% y-o-y, reaching EGP 31.9 bn, off the back of a 39% increase in data revenues and a doubling of cable projects revenue.