Orange Egypt net losses decrease by 63.3% in 2016

Mohamed Samir
2 Min Read

 

 

Orange Egypt’s consolidated financial results showed a decrease of 63.3% in net losses for 2016, according to the company’s stock exchange statement. The company’s net losses in the first six months of 2016 went down to EGP 33.4m, compared to losses amounting to EGP 91.1m in the same period of 2015.

On the other hand, the company’s revenues increased by about 2.2%, reaching EGP 5.8bn in the first half of this year, compared to EGP 5.636bn a year ago.

 

The National Telecommunication Regulatory Authority (NTRA) has contacted all telecommunication companies currently operating in the Egyptian market, and provided all the details and regulations regarding the acquisition of 4G licences, and currently awaits approval from companies by the end of the first week in August.

Orange Egypt announced that it will have to pay EGP 3.54bn for the 4G license on mobile phones. Half of the fee has to be paid in US dollars.

Orange Egypt is currently negotiating, with its parent company to finance the 4G licence and will not acquire domestic loans or credit facilities, to avoid the burden of interests on the company’s earnings, an Orange Egypt official told Reuters earlier this month.

Currently, there are three mobile telecommunication companies operating in Egypt, namely Vodafone Egypt (a subsidiary of the Vodafone group), Orange Egypt (a subsidiary of France’s Orange), and Etisalat Egypt (a subsidiary of Emirati Etisalat).

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/