By Ronan Shields
Revenues jump by nearly a third for mobile operator on strong subscriber additions.
Egypt's largest mobile operator Mobinil has reported a 32% rise in on-year revenues to US$682 million for the first half of 2007.
Net income for the firm grew 38.9% in the first half over the same period last year to US$162 million with EBITDA of US$324 million reflecting a margin of 47.6%.
Subscriber numbers were also strong soaring 65% annually to 11.9 million. The company said it added 2.6 million new subscribers to its network during the first half.
"I am pleased to witness Mobinil approaching the 12 million subscriber milestone this quarter after only three months of accomplishing the 10 million subscriber mark," CEO Alex Shalaby commented.
"This healthy subscriber addition contributed to our top line and profitability growth to indicate the success of our pre-defined long term strategy in action."
For the second quarter, Mobinil reported revenues of US$354 million, representing its largest-ever quarterly revenue haul, with an annual growth rate of 37% and 17% quarter-on-quarter.
Mobinil attributed the rapid growth in revenues to an increase in the average usage per user (AUPU), which reached 129 minutes in the second quarter.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.