Vodafone Egypt reports revenues of EGP 26.4bn in FY 2019/2020

2020-05-16 10:06:25

(MENAFN- Daily News Egypt) Vodafone Egypt has reported revenues of EGP 26.4bn during the fiscal year (FY) 2019/2020, equivalent to €1.46bn, according to financial statements by Vodafone International.

The figures for FY 2019/2020 compared to the €1.1bn reported in the FY 2018/2019, with Vodafone International's fiscal year starting on 1 April and ending on 31 March of each year.

According to Vodafone Group's results, the Egyptian unit recorded profits worth EGP 6.3bn before interest and taxes during FY 2019/2020, equivalent to €666m.

Vodafone Egypt's operating profits reached about EGP 4.5bn, equivalent to €498m, with Vodafone International Group calculating the average price of the Euro at EGP 18.18.

According to the results of the parent company's business, Vodafone Egypt's customers reached 40.2 million at the end of last March, of which 10.8% are on post-paid plans.

Subscribers to the company's Internet services reached 694,000, marking an increase of 57,000 on the previous fiscal year.

In April, Vodafone Group announced the 90 day extension of the Memorandum of Understanding (MoU) with Saudi Telecom Company (STC) over a possible sale of its 55% stake in Vodafone Egypt. The extension was made due to the ongoing effects of the global coronavirus (COVID-19) pandemic.

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