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FINANCIAL NEWS
Vodafone Egypt records strong growth in Q2
25 Jul 2010
(MENAFN) The Egyptian unit of Vodafone may have overtaken Mobinil last quarter as the country’s largest provider of mobile phone subscriptions, Reuters reported.
Egypt’s three mobile operators – the third is a subsidiary of Abu Dhabi-based Etisalat – are locked in a pricing spiral as they seek to grab market share before saturation.
Total subscriptions in the most populous Arab country in May declined to 58.3 million in the first monthly drop in seven months, government data released earlier this month showed.
Vodafone Egypt, which had 25.79 million subscriptions at the end of June, gained almost 1.2 million during the second quarter, according to its latest figures.
Mobinil, which is due to issue second quarter results on Tuesday, had 26.12 million subscribers at end-March.
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