MERGERS, ACQUISITIONS AND FINANCIAL RESULTS

Mobinil Records Record Quarterly Profits in Egypt

Egyptian mobile operator, Mobinil has reported its highest every quarterly profit, but warned that growth would probably slow during 2009 as the economy remains sluggish. The firm reported fourth quarter profits of EGP 551 million (US$10.4 million), while revenues jumped by 24% to EGP 2.644 billion (US$481 million).

The firm ended the year with 20.115 million subscribers, an increase of 33% over 2007 closing subscribers’ base.

Global full year ARPU was EGP 46 (US$8.38) with a decline of 15% versus 2007. Fourth quarter global ARPU reached EGP 44 with a decline of 8% over the same period last year mainly driven by the change of subscriber mix as the company continues to penetrate lower market segments.

Capital expenditure for the fourth quarter reached EGP 1.09 billion (US$198 million), and full year expenditure has reached EGP 3.17 billion (US$578 million).

Mobinil is listed on the Cairo stock exchange (29%) - and has two main shareholders, Orascom Telecom (33.1%) and France Telecom (36.3%). The company is the largest operator in the market, and according to figures from the Mobile World database, has a market share of around 48%.

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