LONDON, UK: Telecom Egypt, the country’s leading telecom operator, announced its outlook for 2024, expressing optimism about its growth prospects and strategic plans. Mohamed Nasr, Managing Director and Chief Executive Officer, commented on the company’s vision and goals for the next year.

According to Nasr, Telecom Egypt expects 2024 to be another year of growth, as it seeks to unlock multiple potential opportunities and pursue strategic moves that will further solidify its position as a major player in the regional telecom market.

He said that data will remain the leading revenue source for the company, but it also forecasts continued momentum in its international revenue streams, hedging its hard currency exposure despite foreign exchange rate fluctuations.

Nasr also highlighted the company’s efforts to grow and expand its suite of products and services organically, such as the new local and international platforms (WE Gold and WE Connect), which are expected to help the company gain more market share and see improved operations.

He added that these initiatives will filter through to a better cash position, helping the company to reach a positive free cash flow from operations (FCFF) in 2024.

Furthermore, Nasr said that the company will pursue investing in a resilient, adaptable and secured network infrastructure to ensure smooth business expansion and avoid any supply chain pressures.

He said that one of the company’s main goals will be to maximize the value of its unique assets, such as data centers and mobile towers, through innovative financing strategies, including equity options.

As the company continues to connect the unconnected, Nasr said that it will also explore avenues of increasing its share in government projects, in line with the country’s digital transformation strategy–a key component of Egypt Vision 2030.

He said that the company’s continued focus on this strategy, combined with its substantial return on investment from Vodafone, will enable it to deliver value to its shareholders and other stakeholders.

Telecom Egypt is the first integrated telecom operator in Egypt, offering various telecom services to its customers, including fixed and mobile voice and data services.

The company also owns and operates an extensive network of submarine cables, connecting more than 60 countries across five continents. The company’s shares are listed on the Egyptian Exchange (EGX) and the London Stock Exchange (LSE).