Telecom Egypt net profit jumps 111% after tax changes

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CAIRO (Reuters) – Telecom Egypt reported a 111 percent jump in 2015 net profit after corporate tax changes, the state-owned landline monopoly said in a statement on Monday.

Net profit rose to 2.999 billion Egyptian pounds ($383 million) from 1.419 billion, it said.

The company said it was helped by a fall in the corporate income tax rate to 22.5 percent from 30 percent retroactively as of January 1, 2015, and changes to the taxation of dividends.

“Additionally the increase of income from investment by 35 percent year on year contributed positively to the bottom line,” the company said.

Revenue reached 12.184 billion pounds, up from 12.157 billion the previous year.

($1 = 7.8300 Egyptian pounds)


(Reporting by Ehab Farouk; writing by Asma Alsharif; editing by Jason Neely)

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