Mobinil's results surge as subscriber base tops 1 million

Egyptian mobile services provider reports strong third quarter; speculation rife that Motorola will sell its stake in the company.

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By  David Ingham Published  October 15, 2000

Speculation is rife that Motorola may sell its 18% stake in Mobinil, but that hasn't hit the company's financial performance.

The Egyptian mobile services provider just reported a third quarter profit of LE 78.9 million on sales of LE 549.8 million for the period covering July 1, 2000 to September 30. (LE1 equals AED1 or SR1.)

The company also said that its mobile subscriber base jumped by 172,000 in Q3 to reach a total of 1,022,000 subscribers.

“This quarter marks an important milestone for our operation,” said Osman Sultan, president & CEO. “The million subscriber mark is a target we had set for the end of 2000, and we achieved it earlier than expected. We are continuing the pace of heavy investment to stay ahead of market demand.”

Motorola holds an 18% stake in MobiNil. France Telecom also holds 23.5% and regional mobile phone operator Orascom Telecom has 26.1%, with the remaining shares mostly a free float of around 30%.

The rumour is that Propel Inc, a Motorola subsidiary that owns and operates wireless businesses including Mobinil, will sell a large chunk of shares in an IPO.

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