Sunday, November 9, 2008

Vodafone Egypt sees revenue growth slowing in '08

REUTERS, 20/10/2008

Mobile phone operator Vodafone expects revenue growth in Egypt to slow to about 18 to 20 percent this year as competition and market penetration in the most populous Arab country increases, an executive said on Monday.

"Revenue growth will be in the 18 percent to 20 percent range," Richard Daly, chief executive of Vodafone Egypt told reporters at a conference in Cairo. "Last year growth was well over 30 percent."

"There is a natural curve in our growth and we are in a three-player market now," he said.

Egypt, where economic growth surged to 7.2 percent last year, sold a third mobile licence in 2006 to Etisalat of the United Arab Emirates.

Revenue from Vodafone helped boost profit this year at Telecom Egypt, Egypt's fixed-line monopoly, which owns 45 percent of Vodafone Egypt.

The overall mobile market in Egypt could grow by 50 percent by the end of 2008, Egyptian mobile operator Mobinil said in April.