Vodafone Egypt posts pre-tax profits of $592 mln at end-FY2019

Mobile network operator Vodafone Egypt posted profits before interest and tax worth 10.10 billion Egyptian pounds (equivalent to $592 million or €514 million) at the end of financial year 2018/2019.

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

Vodafone’s revenues increased 11 percent to around 22 billion pounds during the financial year 2018/2019, according to financial statements on Tuesday.

Operating income rose 11.2 percent to about 5.5 billion pounds during the final quarter of financial year 201/2019.

Moreover, Vodafone invested around 3.8 billion pounds during 2018, compared with 3.4 billion, an official source in the firm told Amwal Al Ghad.

The cost of establishing a station for a cell tower is currently estimated at 2 million pounds against 1 million pounds before the liberalisation of the Egyptian pound exchange in November 2016.