Cairo – Mubasher: Telecom Egypt has commended on news reports stating that Qatar’s investment of $2.50 billion in Telecom Egypt’s stake in Vodafone Egypt and other companies has reached an advanced stage.

The EGX-listed telecom operator said it has not received any official communication from any entity on this matter, according to a bourse disclosure on Thursday.

It further added it will announce any relevant developments in due course.

Earlier this day, Telecom Egypt said its board 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.

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.