Egyptian telecoms company Etisalat Misr aims to invest heavily in modernizing it...
CAIRO - Egyptian telecoms company Etisalat Misr aims to invest heavily in modernizing its network this year and book a higher share of revenue from internet services as it works to offset the impact of a fall in its subscriber base, its CEO said.
The Egyptian unit’s net profit jumped nearly 40 percent in 2018 to 1.16 billion dirhams , according to financial statements from the parent company, which is 60 percent owned by the UAE’s sovereign wealth fund. Competition in Egypt’s mobile phone market is growing amid rising service penetration. Average mobile calling rates there are among the lowest in the Middle East.
“The company’s number of customers has been greatly affected by the development fee, as have line sales,” Metwally said, adding that Etisalat Misr has around 27 million customers compared with around 31 million at the end of 2018.
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