REG - Telecom Egypt S.A.E - TE Board of Directors approves 2018 budget <Origin Href="QuoteRef">ETEL.CA</Origin>

Telecom Egypt Co SAEAnnouncement

28/12/2017 07:05

RNS Number : 3970A
Telecom Egypt S.A.E
28 December 2017
Telecom Egypt's Board of Directors approves 2018 budget
Management expects the continuation of revenue growth and healthy margins
Cairo, 27 December 2017
Telecom Egypt (Ticker: ETEL.CA; TEEG.LN) announces that the Board of Directors of the Company approved the budget for the fiscal year 2018. 
Telecom Egypt's CEO said: "We are pleased to communicate next year's guidance to the investment community as our business continues to deliver strong growth in a globally almost muted telecom market. Our investment in our network over the past four years is the key pillar that will drive growth in 2018."
He added, "In spite of the start-up nature of our mobile business, the growth stemming from the very promising and young data market as well as the optimization initiatives that we are undertaking across the organization are expected to help us to continue posting strong operational margins, while we are still investing in our mobile infrastructure."
The key highlights of the 2018 budget include: 
 Total revenue growth in the range of high single digit to low double digit
 EBITDA margin in the mid to high twenties
 CAPEX to sales ratio of 30%
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For more information, contact:
The investor relations team
email: investor.relations@te.eg
Disclaimer:
This document contains statements related to our future business and financial performance and future events or developments involving Telecom Egypt that may constitute forward-looking statements.Such statements are based on the current expectations and certain assumptions of Telecom Egypt's management, of which many are beyond Telecom Egypt's control. These are subject to a number of risks, uncertainties. Should any of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Telecom Egypt neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments, which differ from those anticipated.
About Telecom Egypt
Telecom Egypt, Egypt's incumbent telecom operator, started its operations in 1854 with the first telegraph line in Egypt. Telecom Egypt was corporatized in 1998 to replace the former Arab Republic of Egypt National Telecommunication Organization (ARENTO). The year 2017 marks a new milestone for the company as it transforms into a fully integrated telecom operator through the long awaited launch of mobile services on 19 September 2017 under the new retail brand "WE". 
"WE" provides consumer and enterprise telecom services including fixed and mobile voice and data services. The new brand has been able to gain 1m customers in its first month of mobile launch. Telecom Egypt also maintains its market leadership position in the fixed broadband market with a market share of 78%. The company also provides wholesale services including bandwidth capacity leasing to ISPs, and national and international interconnection services. 
Aside from its own mobile operations, the company owns a 45% stake in Vodafone Egypt, the leading and most profitable mobile operator in Egypt. 
Telecom Egypt shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London Stock Exchange.

This information is provided by RNS
The company news service from the London Stock Exchange
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