Mergers, Acquisitions and Financial Results

The Egyptian Company for Mobile Services (MobiNil) recorded 422 million Egyptian pounds ($76.4 million) in consolidated net profits for 2002, a 23.8 percent increase compares to last year’s figures. Fourth quarter revenues came in at 51.5 million.

MobiNil reported active subscriber base of 2.282 million for the last three months of last year, compared to 1.859 million at year-end 2001 representing an increase of 22.7 percent. The company’s EBITDA reached EP 1,358 million representing an EBITDA margin of 52.7 percent compared to EGP 1,06 million and 45.9 percent in 2001. This EBITDA growth represents an improvement of 27.5 percent over the previous year.

Operating since May 1998, MobiNil is currently the largest wireless service provider in the Middle East. The company’s network covers over 93 percent of Egypt’s populated areas with roaming agreements signed with over 75 international carriers.