Orascom profits down but market expanding
Egypt's mobile phone operator Orascom Telecom (OT) posted 37.3 million Egyptian pounds ($9.7 million) in net profits for the year 2000, down slightly from the previous year, but expanded dramatically in the Middle East and Africa, the company announced Wednesday, April 18.
Total revenue reached 2.1 billion pounds ($00 million), a 100 percent increase from 1999's $.05 billion, the same source said.
OT increased its field of operations from two countries in 1999 to 18 national mobile networks in 2000.
Last spring, it bought 80 percent of the Geneva-based Telecel Holding International, which controls cellular licenses in twelve African countries, including Ivory Coast, Zimbabwe, Zambia and Togo.
OT also bought shares in Mobilink, Fastlink and Sabafon, opening up new markets respectively in Pakistan, Jordan and Yemen.
OT acquired Motorola's shares in Mobinil in Egypt, and through its partner SyriaTel, clinched one of the two licenses in Syria.
Egyptian tycoon Naguib Sawiris owns about 60 percent of OT. The remaining shares are traded on the Cairo and London stock markets.
The company was launched in 1998 in partnership with telecommunications giants France Telecom and Motorola in order to create Mobinil, the first privately owned mobile network in Egypt. — (AFP, Cairo)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)