Orascom Telecom net income for FY02 at EP1.047 billion
Orascom Telecom Holding (OT), the leading GSM Mobile and Internet services operator in the Middle East, Africa and Pakistan, has recently announced its consolidated results for the 12 months ending on December 31, 2002.
Naguib Sawiris, OT chairman and CEO, stated that “This was a turnaround year, a year where Orascom Telecom has undergone major restructuring efforts and divestitures to impact the bottom line and with the inherent purpose of long term value creation to Orascom Telecoms shareholders.”
Total Subscribers reached 4.3 million, an increase of 12 percent and 52 percent over year-end 2001 on actual and proforma 1 subscriber growth respectively, and a 15 percent increase over the previous quarter. Proportionate subscribers have increased by 14 percent and 69 percent over year-end 2001, on actual and proforma basis respectively, and 18 percent over the last quarter.
Revenues have reached 4.064 billion Egyptian Pounds, an increase of seven percent and 45 percent over year-end results 2001, on actual and proforma basis respectively. EBITDA has reached EP1.519 billion, an increase of 17 percent and 57 percent over year-end results 2001, on actual and proforma basis respectively.
Group EBITDA Margin has improved to 37.4 percent. EBITDA Margin of the major subsidiaries are ECMS-Mobinil as consolidated 54.3 percent, Mobilink 65.7 percent, Djezzy 34.9 percent and Telecel 28.6 percent.
Net Income for the period has reached EP1.047 billion. Adjusted Net Income excluding exceptional items (capital gains from the sale of investments, provisions, and goodwill impairment) is EP384 million.
OT expects continued rapid increase in subscribers in Pakistan, Algeria and Tunisia. OTs strategy in 2003 remains to: Focus on Core operations with the particular emphasis on the rollout and financing of Djezzy (Algeria), and Tunisiana (Tunisia); Continue the de-leveraging of its balance sheet and the restructuring of its sub-Saharan operations with clear emphasis on countries with a high population and low mobile penetration; Moreover, and because of the de-leveraging efforts and restructuring that OT has undertaken, the capital increase that was approved and scheduled to take place in 2002 will be cancelled. — (menareport.com)
© 2003 Mena Report (www.menareport.com)