April 10, 2014 / 9:51 AM / in 3 years

Telecom Egypt announces 1 Egyptian pound per share dividend

1 Min Read

CAIRO, April 10 (Reuters) - Telecom Egypt announced a 2013 dividend of one Egyptian pound ($0.14) per share on Thursday, down from 1.30 pounds a year earlier despite higher sales and profits.

The fixed line monopoly operator posted a net profit of 2.96 billion pounds ($425 million), up from 2.62 billion a year earlier.

Revenues rose to 11.13 billion pounds from 10.03 billion.

The company has been asked to pay 2.5 billion pounds for a mobile licence it seeks, telecommunications minister Atef Helmy said this month. It has also been given a one-year deadline to sell its near 45 percent stake in Vodafone Egypt.

Vodafone Egypt is one of Egypt's three mobile providers along with Mobinil and Etisalat Egypt serving a market were people increasingly use mobile phones and the Internet instead of making fixed-line phone calls.

Telecome Egypt plans to begin its dividend payments on April 27.

$1 = 6.9751 Egyptian Pounds Reporting by Shadia Nasralla; editing by Jason Neely

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