Etisalat Misr: Q1 revenues hit 2.8bn Egyptian pounds

The Egyptian unit of the UAE mobile operator Etisalat has posted first quarter revenues worth of 2.8 billion Egyptian pounds ($315.3 million),compared with 2.5 billion pounds in the same period of last year.

The company’s financial statements revealed that 35 per cent of the figure goes as profits which means that Etisalat Misr captures 24 per cent of domestic mobile phones market estimated to have 94 million subscribers by the end of the first quarter of 2016.

The company’s financial statements further revealed Wednesday that Etisalat Misr achieved 35 percent profitability of Q1 revenues.

Etisalat Misr currently captures 24 percent of Egypt’s mobile phone market, with estimated number of subscribers amounting to 94 million by the end of 2016.

Revenues witnessed steady growth rates driven by more reliance on internet services in addition to lower expenditure rates and working on updating networks, the financial statements showed.

Etisalat Misr shares are distributed as follows: 66 percent goes to Emirates Telecommunications Corporation, 20 percent to Egypt Post, and 14 percent goes to other shareholders.