Despite the growth of mobile technology, there is still a place for fixed lines, especially in the MENA region. As such, Telecom Egypt, the country’s fixed-line monopoly, has said second-quarter profits have risen 23 percent, beating all expectations as subscribers increased and margins widened.
In a statement, Chief Executive Officer Tarek Tantawy said, “We continue to capture growth in mobile and data markets.”
“Net profit margins continue to expand over the period, as a result of cost control and our long-standing investment in Vodafone Egypt.”
The net profit margin widened to 35.9 percent from 29.5 percent. Income from the state-owned company’s 44.95 percent stake in Vodafone Egypt was UK£730 million in the first half of 2010.
Telecom’s Egypt’s success in the year’s second quarter has also seen sales increase by 1.1 percent and a net 64,574 broadband subscribers, compared with 25,613 a year earlier. Meanwhile, fixed-line subscribers increased 110,000 in the quarter for a total of 9.4 million.
However while fixed line sales are up, Telecom Egypt’s retail voice revenue has been drained by intense competition in the mobile market. Mobile substitutions led voice revenue to drop 21 percent to 1.12 billion pounds in the first six month of 2010, although the second quarter improved 8 percent from the first.
The Director of Operation and Support IT for Vodafone Egypt, Mohamed Fahmy will be attending the CIO MENA summit from the 29 November - 1 December 2010.
As Vodafone Egypt’s success has grown in recent years, so has their online services and as such a workshop on Maximising Enteriprise IT Security Performance will be on of the highlights of the weekend as well as speculation on the role of IT in the next 10 years.
Other attendees will include Zuhair Lardhi, IT Director of Aldar Properties, Patrick Naef, CIO - Emireates Group, Gautam Sinha - CIO of Sharjah Islamic Bank and John Loomise, GM, CIO and Head of IT Group of Arab National Bank.
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