Egyptian Mobinil Revenues Up 11% - Profits Up 9%
Egypt's Mobinil has reported an 11% rise in its first half revenues of EGP 5.2 billion (US$943 million), with with 2Q revenues of EGP 2.73 billion representing 9% growth over 1Q 2009. Net income reached EGP 960 million (US$174 million) representing an increase of 9% over the same period last year, EGP 424 million in 1Q and EGP 536 million in 2Q.
The subscriber base rose by 30% to 22.853 million. Subscribers' additions reached 2.738 million subscribers, 1.064 million in 1Q and 1.674 million in 2Q. Commenting on first half 2009 results, Alex Shalaby, Chairman said: "I am very pleased to celebrate the 11th anniversary of Mobinil where we now achieved around 23 million subscribers, and continued our growth and success in a tight economy through our creative offers and the breakthrough services we are providing to the Egyptian market. I am also delighted to witness this sustained growth year over year given the tough market conditions"
First half blended ARPU reached EGP 40 with a decline of 15% over the same period last year mainly driven by the change of subscriber mix as we continue to penetrate lower market segments. Capital expenditure for the first half reached EGP 994 million vs EGP 1.3 billion in 1H 2008.