Earnings watch: TMG Holding, TE report FY2018 results

EARNINGS WATCH- TMG Holding reported a 28% increase in 2018 net profit to EGP 1.7 bn, the company said in its earnings release (pdf). TMG’s revenues were up 28% y-o-y to EGP 10.9 bn.

Meanwhile, fixed-line monopoly Telecom Egypt reported a net profit after tax of EGP 3.5 bn in FY 2018, up 14% y-o-y from the previous year, according to the company’s earnings release (pdf). Revenues for the year were up 23% y-o-y to EGP 22.8 bn, driven by “strong growth in the retail” and wholesale segments.