Telecom Egypt S Share Price (TEEG)

Chief Executive Officer's Statement Commenting on the first quarter results of 2012, Tarek Aboualam, Chief Executive Officer and Managing Director of Telecom Egypt (TE), said: "We have made a very positive start to 2012, with sound financial performance which beat market expectations, and good progress against our strategic objectives. "Following a turbulent year in 2011, the Egyptian business environment is showing signs of normalizing. This is reflected in our revenue performance year on year and quarter on quarter. Our cost optimisation programme is delivering tangible benefits and ensuring that our margins are protected. As such, net profit for the first three months of the year has increased by 1.7% on the same period in 2011, to stand at EGP 912 million. "But, we are building a platform for the future and it is critical to consider our progress against objectives. Firstly, Vodafone Egypt continues to consolidate its position as a market leader, growing its customer base to a record 37.2 million. "Elsewhere, TE Data's broadband footprint leads the market, with on average more than 50 thousand net new subscribers joining its service every quarter for the past three years. Our own direct double play subscribers have already, therefore, reached 1.2 million. Furthermore, our international cable business is already making a significant contribution to our wholesale revenues; this is a trend that we expect to continue. "Finally, and subsequent to the close of the period, our goal of becoming a total telecoms provider has taken an important step forward with the recent announcement that the National Telecommunications Regulatory Authority (NTRA) has approved, in principle, the issuance of an MVNO license. "Progressing on all fronts extends the reach of our business. I am confident that the compelling combination of operational foresight, financial prudence and focused strategy will continue to deliver economic value."

Cairo, 14 May 2012: Telecom Egypt (TE) (Ticker: ETEL.CA; TEEG.LN), today announced its interim consolidated financial results for the first quarter ending 31 March 2012. Financial statements have been prepared in accordance with Egyptian Accounting Standards. Highlights for the first three months of 2012 include: § Total Consolidated Revenues were EGP 2,679 million, up 12% from EGP 2,403 million in Q1 2011 and up 6% from EGP 2,534 in Q4 2011. § EBITDA was EGP 1,388 million, delivering a margin of 52%. § Net Profit After Tax was EGP 912 million, representing a net profit margin of 34%. § Earnings Per Share (EPS) for the period was EGP 0.53. § As at 31 March 2012, total fixed line subscribers stood at 7.9 million, of which 1.9 million are double- play subscribers. § Retail ADSL subscribers reached 1.2 million, resulting in an ADSL market share of 61%. § Positive contribution of share of profits from Vodafone Egypt of EGP 192 million.

http://www.investegate.co.uk/Article.aspx?id=201205140704302513D

This is a must buy surely or am i mistaken? but they are proposin a dividend of 1.20 egyptian pounds which is currently around 15 british pence and the share price under that you will already be in profit by the end of they year and without selling any of the shares, somebody correct me if i am mistaken!

http://www.investegate.co.uk/index.aspx?company=TEEG