Orascom records $3.5 million in net profits for 1H 2002
The Cairo-based Orascom Telecom Holding (OT) improved its profits by 13 million Egyptian pounds ($2.8 million) in the second quarter of 2002, recording a net profit of EP 16 million ($3.5 million) in the first half of 2002, stated a press release. Last year the company incurred losses of EP 70 million during the same period.
During the second quarter of 2002, OT added 561,000 new subscribers to its clientele, increasing its EBITDA margin to reach 41.4 percent. Total subscribers reached 4,724,153, an increase of 13.5 percent compared to figures from the first quarter of the year and an increase of 50 percent compared to the first half of last year.
Turnover increased by 56 percent in the second quarter of the year reaching EP 2.4 billion compared with EP 1.6 billion in the second quarter of last year. Moreover, Turnover increased by 15.5 percent quarter on quarter in 2002. OT Algeria continued to gain momentum, contributing 7.6 percent to revenues while, Mobinil’s contribution continued to be less material to the overall operations decreasing to 21.6 percent.
Egyptian businessman Naguib Sawiris owns some 60 percent of OT, while 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 for the purpose of creating Mobinil, the first privately owned mobile network in Egypt. — (menareport.com)
© 2002 Mena Report (www.menareport.com)