Etisalat Egypt’s first quarter (Q1) revenues declined by approximately EGP 16m, registering AED 1.07bn (EGP 2.22bn) compared to AED 1.146bn (EGP 2.38bn) in Q1 of 2014.
The Abu Dhabi-based mother firm, Etisalat Group, announced in a statement Monday that its revenues in Egypt were affected by currency devaluation.
Etisalat Egypt represented 19% of Etisalat Group’s international operations revenues, to occupy second place after Morocco-based Maroc Telecom that recorded AED 2.92bn.
Etisalat Egypt has also signed an agreement for a $120m loan, equally divided between the National Bank of Abu Dhabi (NBAD) and HSBC. The loan comes as part of the company’s direction in diversifying its funding sources to build its strategic status, and to fund future growth to increase competitiveness.
The loan will be repaid within three years, announced Said El-Hamly, Executive Director of Etisalat Egypt in March.
Etisalat has offered its services in the local market since 2007, after receiving a licence to provide mobile services as Egypt’s third service provider. The number of Etisalat Egypt customers currently stands at 22.1 million, out of 95.2 million users in the local mobile market.
The Egyptian arm of the Abu Dhabi-based mobile operator is considering listing its shares. It has yet to decide, however, on which bourse to do so, or who will organise the initial public offering (IPO) for the firm, it said in March 2014.
By the end of 2014, Etisalat Egypt registered EGP 10bn in revenues, marking a 2.6% growth compared to 2013. The growth was attributed to increasing usage of mobile phones’ Internet through smart phones.
Etisalat Egypt is 80% owned by Etisalat UAE and 20% by the Egyptian National Postal Authority.