Vodafone Egypt pre-tax profits at €316 million in H1-FY2020/21

Vodafone Egypt said on Tuesday it posted profits before interest and tax worth €316 million (around 5.7 billion Egyptian pounds or $375.4 million) for the first half of the current financial year 2020/2021 ended in September.

The subsidiary of British telecoms group Vodafone saw first-half revenues of around €760 million from €694 million in the same period last year.

Vodafone’s financial year begins in April per year and ends in March.

“Service revenue in Egypt grew by 5.4 percent (Q1: 6.0 percent, Q2: 4.9 percent), supported by customer base growth and increased data usage, partially offset by lower roaming and visitor revenue, and the impact of a government-mandated  waiver of transaction fees on our e-money platform.” Vodafone said in a statement released on Monday.

Operating income rose to €313 million at the end of September 2020, compared with €233 billion last year.

The number of subscribers using Vodafone Egypt’s network exceeded 40.4 million, of which postpaid line users captured 11.1 percent share.

On Monday, Vodafone Group PLC announced that it swung to a pretax profit for the first half of financial year 2020/2021 and its results underline increased confidence in its full-year outlook.

The Group made a pretax profit for the six months to September 30 of €2.05 billion, compared with a loss of €511 million for the same period last year.

Revenue for the first half as a whole was €21.43 billion compared with €21.94 billion a year before.