Earnings watch: Orange Egypt’s losses grow, Vodafone Egypt revenue snapshot
- Orange Egypt reported an increase in net loss after tax to EGP 1.10 bn in 1H2017 from EGP 33.4 mn in the same period last year. Revenues rose 6.33% y-o-y to EGP 6.12 bn in 2Q2017. Orange Egypt blamed loss on the impact of the float on equipment imports, the CBE’s interest rate hikes and rising fuel and energy prices.
- Service revenues from Vodafone Group’s Egyptian operations increased by 24.6% y-o-y in 2Q2017, “with successful segmented campaigns and rising data penetration supporting average revenue per user growth, together with the increased value of international traffic post currency devaluation,” according to a company release. Vodafone Group as a whole reported a 3.3% y-o-y drop in overall revenues to EUR 11.5 bn in 2Q2017, compared to EUR 11.9 bn in 2Q2016.
- The National Company for Maize Products (NCMP) reported a more than 4x rise innet profit after tax in 1H2017 to 128.8 mn, according to a an EGX filing. Revenues rose nearly 79% to 738.8 mn. The company remains the subject of an intense bidding war.