Mobinil adds 2.3 million users in Q3
Egyptian mobile phone operator says total subscribers now at 28.4 million
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