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Etisalat Egypt profits increase to EGP 540m, despite revenue drop - Daily News Egypt

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Etisalat Egypt profits increase to EGP 540m, despite revenue drop

10.7% drop in company's revenues

Etisalat Egypt achieved revenues of EGP 2.5bn over the second quarter (Q2) of 2016 versus EGP 2.8bn in the first quarter (Q1)—a decline of 10.7%. The total revenues of the first half of the year amounted to EGP 5.3bn.

According to the financial results of Etisalat Group, its subsidiary in Egypt made profits of EGP 540m in Q2, compared to EGP 180m in Q1—a growth of 200%. This boosts the company’s total profits in the first half to EGP 720m.

Etisalat Egypt is preparing to obtain the 4G licence in Egypt for EGP 4.6bn. Moreover, the company is also working on receiving several additional frequencies to raise the network’s capacity. Etisalat has a total of 23 million subscribers in Egypt out of 94 million total mobile phone subscribers, as estimated at the end of 2015, which accounts for 24% of the market.

The financial results of the international group indicated that the Egypt subsidiary ranks second on the list of the most profitable subsidiaries outside the Emirati market, following the company’s unit in Morocco.

Etisalat Emirates owns 66% of Etisalat Egypt, while Egypt Post owns 20%. The remaining 14% is distributed among Emirati and Saudi Arabian shareholders.

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