Mobinil adds 2.3 million users in Q3

Egyptian mobile phone operator says total subscribers now at 28.4 million

Tags: Egypt
  • E-Mail
Mobinil adds 2.3 million users in Q3  Hassan Kasbani said the rate at which revenues were declining slowed in the last quarter.
By  Elsa Baxter Published  October 26, 2010

Egyptian mobile phone operator Mobinil said subscribers grew by 15.3% during the third quarter compared to the same period in 2009.

Total subscribers have reached 28.4 million after the firm added an additional 2.3 million users, according to a statement on the company’s website.

Mobinil recorded a 7% increase in revenue from the second-quarter, but a decline of 3% compared to the same period in 2009.

The quarter saw “a slowdown in the rate by which revenues are declining despite the seasonal affect of Ramadan with its lower usage and higher promotion and advertising cost,” Hassan Kabbani, CEO, said in the statement.

Cairo-listed shares closed up 0.1 percent at 183 Egyptian pounds per share, valuing the firm at $3.1 billion, Reuters reported.

Mobinil is jointly-owned by Cairo-based Orascom Telecom and France

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code