Mobinil 2002 profits rise 24 per cent

04 February 2003
Egyptian Company for Mobile Services (Mobinil)on 3 February announced a 24 per cent increase in net profits to£E 422 million ($78 million) for 2002. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to£E 1,360 million ($252 million) from£E 1,070 million ($198 million). Sales were up to£E 2,580 million ($478 million) from£E 2,320 million ($430 million) and the number of subscribers rose to 2.28 million from 1.86 million at the end of 2001.

Mobinil chairman Osman Sultan also said that the company had taken a £E 40 million ($7.4 million) charge from the 29 January currency flotation, 'as a foreign exchange loss, restating all monetary assets and liabilities using the year-end market rate'. The pound fell about 14 per cent on flotation, affecting Mobinil's dollar-denominated debts and hard-currency capital expenditures. 'Our total debt-related foreign currency exposure is now in line with our annual roaming revenues,' said Sultan. 'This significantly reduces one of the main concerns of our shareholders and investors.'

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