Cairo – Mubasher: Telecom Egypt said its board of directors has approved the 2023 budget, targeting early double-digit revenue growth and earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin in the mid-to-high thirties. 

Moreover, the firm targets in-service capital expenditures (CapEx)-to-sales ratio in the early twenties and free cash flow to the firm (FCFF) to EBITDA in the mid-twenties, according to a bourse statement on Thursday.

Managing Director and CEO of the telecom operator, Adel Hamed, commented: “Our 2023 guidance reflects our positive outlook for the year despite the ongoing global challenges. We’re confident that our company strategy to build on the data momentum, monetise on infrastructure, reduce costs, while rationalising our investments, will steer the company towards further growth.”

He added: “We anticipate data to continue being our main revenue driver, with surging local and international demand being supported by our network enhancements and world-class facilities – clearly placing us as a frontrunner to becoming the region’s data hub. On the operational front, we plan on growing our customer base and other KPIs through improved services.”

During the first half (H1) of 2022, net profits of Telecom Egypt came in at EGP 3.78 billion, compared to EGP 3.87 billion in the same period in 2021, including minority shareholders’ rights.