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Egypt’s Mobinil reports losses, blames “Mickey crisis”

July 27, 2011 • Mobile and Telecoms, Top Stories

Naguib Sawiris, CEO of Mobinil (image: arabianbusiness.com)

Egyptian mobile services company Mobinil has reported that it lost some 17.8% of its trading value during the second quarter of this year.

Shares in the company were at 157.6 Egyptian pounds in March and have dropped to 105 Egyptian pounds, losing about 33.3% of its value.

The recent drop is blamed on what is called in the media as the “Mickey crisis” – a cartoon that Naguib Sawiris, CEO of the company, tweeted via his personal account on Twitter that featured a picture of Mickey Mouse with a Salafi dress and a beard and Mini Mouse wearing the Islamic veil, or niqab.

The tweet drew massive criticism of Sawiris, spurring religious groups in Egypt to ask Egyptians to boycott Mobinil as a result.

Mobinil’s indices semi-annual consolidated for the year 2011 reported a net loss of 85.7-million pounds compared to a net profit of 732.3-million pounds for the first half of 2010.

The net loss for the company during the second quarter of 2011 was 108.47-million pounds, a massive drop from a net profit of 378.7-million pounds in the same period in 2010 and a net profit during the first quarter of 2011 of some 22.7 million-pounds, while the total number of users as of June 30, 2011, was approximately 30.541-million subscribers.

Manar Ammar

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