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Mobinil cuts losses by EGP 47m during first half of 2012 - Daily News Egypt

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Mobinil cuts losses by EGP 47m during first half of 2012

The Egyptian mobile company has seen decline in losses but still faces a sizable deficit.


The Egyptian Company for Mobile Services (Mobinil) succeeded in significantly cutting losses in the first half of the current year. The company experienced EGP 46.98 million in unaudited, consolidated losses in the first half of 2012, compared to EGP 85.7 million in the same period last year. By extension, the company’s shares saw losses of EGP 0.47 per share, compared to EGP 0.86.

Mobinil took in EGP 5.088 billion in consolidated revenue in the first half of the current year, compared to EGP 5.047 in the same period last year. Profits were EGP 3.7 billion in the first half of 2012, compared to EGP 3.83 billion in the same period of 2011, a decline of 3.2%. The proportion of profits to revenue was 73.9% in 2012, compared with 75.9% in 2011.

Despite the improvement in the company’s business in the first half of the year, it is still suffering from an EGP 4.37 billion deficit, recorded at the end of last month.

The value of the company’s equity fell from EGP 2.46 billion to EGP 2.43 billon by the end of the first half of 2012. Paid in capital accounts for EGP 1 billion of Mobinil’s capital, with another EGP 200 million in reserves. Retained earnings equal EGP 1.33 billion with the exclusion of EGP 46.98m in losses in the first half of 2012.

Mobinil’s stand alone statements showed that net losses of the period were EGP 14.8 million, compared to EGP 43.8 million in the comparable period, declining 66.3%. Revenues were EGP 4.852 billion, compared to EGP 4.853bn in the first half of 2011.

CI Capital set the real price of Mobinil’s stocks at EGP 96 per share while HC estimated the real value at EGP 117.34. Mobinil stocks trade at EGP 123.

Mobinil’s capital is valued at EGP 1 billion distributed among 100 million shares with a nominal value of EGP 10 per share.

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https://www.dailynewsegypt.com/2012/07/25/mobinil-cuts-losses-by-egp-47m-during-first-half-of-2012/
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