(Ecofin Agency) - In the first half of 2024, Algeria’s telecom company Optimum Telecom Algérie, commonly known as Djezzy, reported a revenue of 54.4 billion Algerian dinars (about $405.8 million). This marks a 9.4% increase compared to the 49.7 billion dinars generated during the same period in 2023.

This impressive growth was fueled by a significant investment of 14.6 billion dinars, focused on improving network quality and expanding 4G services. As a result, Djezzy's subscriber base grew by 8% year-on-year, reaching 16.2 million users.

Djezzy has been on an upward trajectory since its nationalization by the Algerian government in August 2022, following the purchase of shares from Dutch company VEON. The government had pledged to maintain strong governance to ensure the company's growth, sustainability, and profitability.

The company has now achieved double-digit growth for five consecutive quarters, as the government considers taking the company public. As of March 2023, Djezzy held a 30.84% market share, trailing behind Algérie Télécom Mobile (Mobilis) with 43.61%, while Ooredoo, the only private operator, held 25.55%.