Vodafone Egypt achieved revenues worth EGP 12.9bn, equivalent to €694m, during the first half (H1) of the current fiscal year (FY), an increase of €116m H2 of last FY.
The FY for Vodafone International begins on 1 April and ends 31 March, with H1 of FY 2019-2020 spanning from April 2019 to September 2019.
The revenues of Vodafone Egypt in the second quarter (Q2) increased by €43m, to record €356m, compared to €313m in Q1 FY 2019-2020.
According to the results of Vodafone International Group, Vodafone Egypt garnered adjusted operating profit of EGP 4.3bn, equivalent to €233m during H2 FY 2019-2020, compared to €181m in H2 FY 2018-2019.
And Vodafone Global considered the EGP to euro exchange rate EGP 18.7 per euro during the H1 FY 2019-2020.
The Saudi Telecom Company (STC) announced Wednesday its agreement to purchase Vodafone International Group’s stake in Vodafone Egypt, which operates in the field of mobile services, for $ 2.4bn.
Vodafone International owns 55% of Vodafone Egypt, while Telecom Egypt (TE), which represents the Egyptian government, has the remaining 45%.
According to the parent company’s business results, Vodafone Egypt is seventh in terms of revenue coming right behind Turkey and before both Portugal and Greece.
Vodafone had about 39.8 million customers in Egypt by the end of H1 FY 2019-220, of whom 10% are billed customers, and the rest are prepaid customers, compared to 39.3 million customers in H2 FY 2018-2019, recording a 500,000 customer increase.
The number of fixed internet customers with the company was 605,000 in H1 FY 2019-2020, compared to 567,000 customers in H2 FY 2018-2019.