Vodafone Egypt’s net profit declined 49% in the first quarter of this year to EGP 638.2m, down from EGP 1.25bn in the last quarter of 2017. The profits are also 55% lower than the first quarter of 2017, when Vodafone realised EGP 1.4bn.
The company has achieved revenues of around EGP 5bn, slightly more than Q4 2017, recording EGP 4.9bn.
The results of the parent company, Vodafone International, said revenues from its mobile unit in Egypt declined when the currency was calculated in euro to €232m, down from €235m in Q4 2017.
In its fiscal year that ended in March 2018, Vodafone Egypt achieved revenues of EGP 19.6bn or €927m.
The number of Vodafone Egypt’s customers declined significantly during the first quarter of this year.
The number of customers reached 42.3 million by the end of March, down from 44.1 million in December 2017, effectively losing 1.9 million clients.
Postpaid clients accounted for 7.8% of all Vodafone clients at the end of the first quarter this year. This segment saw an increase of 132,000 new clients in that period.
Meanwhile, Vodafone Egypt saw a marked rise in its ADSL service subscribers, growing to 422,000 clients in March, up from 380,000 in December.
The company’s global indices said that the average return per user in Egypt increased to EGP 35.8 per month, up from EGP 35.1 in the last quarter of 2017.
The average return from postpaid users reached EGP 97.8, up from EGP 96.7 in the last quarter of 2017.
The average return of the prepaid segment amounted to EGP 30.7 per month per user, up from EGP 30.3.