Orange Egypt expects to avoid losses in 2019

Orange Egypt no longer forecasts that it will achieve losses next year, according to the company’s CEO Yasser Shaker.

Shaker noted that the company’s activity grew 8 percent during the third quarter of the year, as reported by the Middle East News Agency (MENA).

The company will stop making losses beginning 2019, supported by new investments and activities, after recording losses of 234.9 million pounds in the first nine months of this year from 1.76 billion pounds during the same period in 2017.

Orange’s investments in network development will amount to 4 billion pounds by the end of the current year, the CEO and managing director indicated.

The company did not seek delisting its stock from the Egyptian Exchange (EGX) after an 15 billion pounds capital hike last December, however as traded shares were below 1 percent it couldn’t comply with the standard rate of a minimum 5 percent, he added.

The voluntary delisting aimed at protecting the interests of small investors, said Shaker.

Source: MENA