Vodafone reports 16.7% rise in Egypt first quarter service revenue
Vodafone Group Plc reported on Wednesday a 16.7 percent growth in its first-quarter service revenue in Egypt, driven by rising data penetration and usage.
The world’s second-largest mobile operator said service revenue in Egypt for the first quarter of the financial year ended on June 30 reached €249 million (5.3 billion Egyptian pounds and $290.6 million).
“Revenue in AMAP (Africa, Middle East, and Asia Pacific region) decreased 6.0 percent, with strong organic growth offset by a10.5 percentage point negative impact from foreign exchange movements, particularly with regards to the Turkish lira, and a 5.1 percentage point adverse impact from the disposal of Vodafone Qatar.” Vodafone said in a statement on Wednesday.
Vodafone’s financial year begins in April and ends in March of each year. The mobile operator said the financial results were based on euro’s exchange rate of around 21.29 Egyptian pounds.
“The Group’s organic service revenue growth slowed during the first quarter, in line with expectations. The majority of our operations performed well, with ongoing momentum in Germany, further underlying recovery in the UK and continued good growth in AMAP (Africa, Middle East, and Asia Pacific region), all of which helped to offset increased competition in Italy and Spain.” Vittorio Colao, Vodafone’s chief executive, said.