Vodafone Egypt posts LE 4.5B revenues in Q1 of 2017

CAIRO – 25 July 2017: Vodafone Egypt achieved LE 4.5 billion ($251 million) revenues in the first quarter of 2017, with a 25 percent increase year-on-year, a Monday report said.

The company noted that the revenues achieved are positive with regard to Telecom Egypt (TE), which owns 45 percent in Vodafone Egypt, as the revenues will contribute up to 50 percent in TE revenues.

Vodafone Global owns 55 percent in Vodafone Egypt, which is considered the biggest mobile phone provider in terms of the number of subscribers and of the most profitable firms in Vodafone Global Enterprise.

Earlier, Vodafone Global has announced a 2.2 percent growth in its revenues in Q1 of 2017, backed by the positive performance of Italy and Spain, and the fast demand in Turkey.

The global firm highlighted that its high revenues have beat the market’s estimates of 1.4 percent to 1.9 percent, which give it confidence in its forecasts in its main earnings to increase between 4 percent and 8 percent for the whole year.