VODAFONE EGYPT’S SUBSCRIBER BASE UP 31% TO 2.26 MILLION
Vodafone Egypt continued to grow strongly throughout the financial year, which ended March 31, 2003, with customer numbers increasing by over 31 percent to 2.263 million. This translated into 17 percent growth in turnover measured in local currency.
A focus on cost effectiveness in the operation lead to significant improvements in EBITDA (earnings before interest, taxes, depreciation and amortization) margin, which increased from 40 percent to 49 percent.
A Vodafone statement acknowledged that results for the Middle East and Africa region "have been adversely affected by the weakening of the Egyptian Pound and Kenyan Shilling over the period, although this was partially offset by a strengthening of the South African Rand."
In April 2003, French telecommunications giant Vivendi Universal has decided to sell its seven percent stake in Vodafone Egypt to British mobile operator Vodafone, for $48 million, pending the appropriate authorizations.
Vodafone Egypt (formerly branded Click GSM) initially launched mobile services in 1998 as Misrfone Telecommunications. The company is owned by an international consortium, with a team of over 1,900 employees and paid-in capital of 1.2 billion Egyptian Pounds.