Etisalat Egypt’s revenues rose by 18% in the second quarter of 2018. According to the group’s financial results, the unit in Egypt accounted for 5% of total revenues and 4% of profits.
Etisalat Egypt accounts for 13% of the group’s revenues in foreign markets and 10% of total group’s revenues outside the UAE.
According to the results, Etisalat Egypt scored revenues of EGP 3.3bn in the second quarter of this year, equivalent to AED 683m. The company realised profits of EGP 1.1bn, which is equal to AED 244m.
The capital expenditures of Etisalat Egypt during the second quarter of this year amounted to about EGP 723.5m, or AED 165m. Those costs were mainly injected in spreading the 4G services.
According to Etisalat’s results, the number of Etisalat subscribers in Egypt has declined from 33.2 million in the first quarter to 31.6 million in the second.
The company attributed its revenue growth in Egypt to the increased use of mobile internet services and the local roaming agreement concluded with Telecom Egypt (We).
Etisalat Group has achieved revenues of around AED 13.1bn in 2018, against AED 12.8bn in the same period last year.
In April 2016, Etisalat Egypt received notice of arbitration proceedings initiated by Vodafone Egypt Telecommunications Company.
Vodafone is seeking to recover outstanding interconnection fees payable as a result of a principle set by the Egyptian Administrative Court’s decision nullifying the National Telecommunication Regulatory Authority (NTRA)-set tariffs imposed on operators plus interest dues.
Based on the submitted statements and supported documents presented, management believes that the recorded interconnection transactions was fairly recognised in the consolidated financial information as at 30 June 2018.