Vodafone Egypt upgrades its network with $4.4bn since 1998

Since its inception in 1998, Vodafone Egypt has invested 35 billion Egyptian pounds (US$4.5 billion) to upgrade its network, said Ahmed Essam, the company CEO.

He added during a news conference Tuesday organized by Vodafone Egypt that the company announced early 2014 plans to invest nearly 9 billion pounds in the coming three years. However, Vodafone Egypt has spent more than what was planned only to upgrade its network, which positively affected the quality of its services.

Meanwhile, Khaled Hegazy, Vodafone Egypt’s legal director, said the company would invest 6 billion pounds over the next two years in the local market, raising its total investment above 10 billion pounds by 2017.

Those investments are relying on company’s self-finance and its revenues from the operational activities, Hegazy added.

Additionally, Hegazy stated that Vodafone Egypt has attained revenues worth 7.14 billion pounds (£589 million) within the first half of fiscal year 2015-16, registering 8.2 percent growth rate.

The company’s financial statement revealed that the costumers are estimated at 39.16 million.

Furthermore, Vodafone’s profit s without taxes and interests during the first half of the current fiscal year registered three billion Egyptian pounds compared to 2.9 billion Egyptian pounds in 2014.

Vodafone Egypt is jointly owned by UK based Vodafone Group with 54.93 percent, state-run Telecom Egypt with 44.94 percent and a minority free float of 0.13 percent.