October 28, 2021

Telecom Egypt approves 2022 budget

ArabFinance: Telecom Egypt (ETEL) announced that its board of directors has approved the budget for 2022, according to a press release.

Under 2022 guidance, the company targets double-digit revenue growth and earnings before interest, taxes, depreciation, and amortization (EBITDA) margin in the mid to high thirties.

Moreover, the company targets in-service Capex-to-sales ratio in the mid-twenties, in addition to, free cash flow to the firm (FCFF) to EBITDA of early double-digit.

“Telecom Egypt’s 2022 budget foresees another year of strong operational and financial performance. The strong data momentum witnessed during the pandemic has persisted throughout 2021 and is expected to continue to drive the company’s top-line growth during 2022,” Managing Director and CEO Adel Hamed commented.

“We expect our free cash flow to grow during the upcoming year on the back of strong operational cash flow, CapEx rationalization efforts, and certainty on dividends from Vodafone. This will support us in maximizing shareholder value while we tackle our strategic goals of becoming a leading ICT provider and a facilitator of Egypt’s plan to become a regional digital hub,” Hamed added.

The company’s Capex cycle is expected to slow down, with the copper-to-fiber replacement program nearing completion, he said.

Moreover, the company plans to diversify its investment to cover mobile network, data centers, and internal system upgrades, he noted.

Cairo-based Telecom Egypt is a joint-stock company, which operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.


Categories : telecom

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