Mobile network operator Etisalat Misr reported revenues of AED 1.3 bn (c. EGP 6.55 bn) in 1Q 2022, up 15% from the same quarter last year, according to parent company e& (etisalat and)’s earnings release (pdf). Top line growth was mainly driven by an increase in subscribers and mobile data and voice revenues.

The company’s subscriber base in Egypt grew 6% y-o-y to reach 28.1 mn. Egyptian users accounted for almost 20% of the company’s total subscribers at the end of the quarter.

Etisalat Misr spent AED 0.3 bn (c. USD 82 mn or EGP 1.5 bn) acquiring spectrum in 1Q, according to the release. The company bought 40 MHz of new bandwidth from the National Telecommunications Regulatory Authority (NTRA) in February for an undisclosed sum. In total, Etisalat Misr more than tripled its capex to AED 600 mn, including new spending on 4G and network capacity.

Across the entire group: e&’s revenues inched up 0.8% y-o-y to AED 13.3 bn in line with the company’s 2022 guidance. Strong performance in the UAE and Egypt helped to offset “unfavorable exchange rates” in Egypt, Pakistan and Morocco, which the company said had “impacted” 1Q revenues. The results are a “testament to the effectiveness” of the company’s operations, Group CEO Hatem Dowidar said.

Private equity firm B Investments’ net income fell 63% in 2021 to EGP 105.3 mn, according to the company’s consolidated financial statements (pdf). Revenues dropped 56% to EGP 162.7 mn during the year.