On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Orascom Telecom Holding released 9M FY03 results ending September, in which net income jumped significantly to LE554.1 million compared to a net loss of LE96.2 million recorded in the comparable period last year. Consolidated revenues, on the other hand, advanced a notable 17% reading LE4.5 billion up from a previous LE3.8 billion, on the back of 101% growth in Mobilink’s revenues coupled with a 291% jump in OTA’s top line.

- Vodafone Egypt released 1H FY03 results ending September, in which net income more than doubled to LE526.3 million, versus a previous LE217.2 million, reflecting a 2.4x annual jump. Revenues meanwhile soared 52% to LE1.55 billion versus LE1.02 billion, while the EBITDA margin witnessed a 470 basis point expansion over the period to 49%.

- The Multi-Lateral Investment Guarantee Agency of the World Bank Group, has said that it would guarantee a loan of USD300m (or N40.6 billion), for the sustained development of the telecommunications sector in Nigeria. Chief Africa Representative of the agency, Dr. Ken Kwaku, disclosed this last week in Abuja at the Commonwealth Business Forum. The NIGA chief disclosed that USD465 million was needed for infrastructural development in Africa.