Vodafone Egypt's earnings decline 49%

Vodafone Egypt's net profit declined 49% in the first quarter of this year to EGP 638.2m, down from EGP 1.25bn in the last quarter of 2017. The profits are also 55% lower than the first quarter of 2017, when Vodafone realised EGP 1.4bn.

The company has achieved revenues of around EGP 5bn, slightly more than Q4 2017, recording EGP 4.9bn.

The results of the parent company, Vodafone International, said revenues from its mobile unit in Egypt declined when the currency was calculated in euro to €232m, down from €235m in Q4 2017.
In its fiscal year that ended in March 2018, Vodafone Egypt achieved revenues of EGP 19.6bn or €927m.

The number of Vodafone Egypt's customers declined significantly during the first quarter of this year.
The number of customers reached 42.3 million by the end of March, down from 44.1 million in December 2017, effectively losing 1.9 million clients.