Vodafone Egypt Says Revenues are EGP6.6 bln, Profits Reach EGP2.8 bln

The business results of Vodafone Egypt for the first half of the fiscal year extending from April to September 2013 revealed that Vodafone has attained revenues estimated at EGP6.6 billion, pointing out that the volume of profits before taxes and interests reached EGP2.8 billion.

The financial statements of the company explained that the total operating profits of Vodafone within the first half reached EGP1.4 billion, and the capital expenditure reached around EGP800 million, whereas the free cash flow reached about EGP2 billion.

Vodafone said the numbers of the company’s subscribers are about 41.3 million, stressing that despite the difficult political condition which passed by the Egyptian economy , telecom services witnessed growth rate up 3.6% during the first six months of the fiscal year of 2013-2014.

Vodafone stressed that offering new services including money transfer via mobile phone, Automatic Vehicle Location (AVL) service will allow to  boost the return rates on the services within the next period.

An official report issued by the Telecom Ministry revealed that the number of mobile phone subscribers in Egypt surged by 120 K subscribers, so the total number of the subscribers reached 96.86 million at the end of the last June.

The Ministry’s indexes explained that the number of Vodafone’s subscribers are about 329 K , compared to June 2013, capturing 42.2% of the total mobile phone market and it ranked first as the most provider operator has subscribers.

It is worth mentioning that Telecom Egypt(TE)(ETAL) is owning around 45% from Vodafone Egypt , while Vodafone Global is seizing 55% from the total shares.