Vodafone Egypt revenue growth stagnates

Vodafone Egypt has ruled out possible revenue growth for the remainder of the year, despite strong new customer acquisitions, the company’s CEO Hatem Dweidar announced this week.

Vodafone Egypt initially reported a subscriber base of 34 million at the end of June 2011.

“It is very interesting that the company would say this considering all the evidence that we have that the company is moving forward and gaining steam,” said Mohamed Naguib, a financial expert with CI Capital, an Egyptian securities and analysis firm.

“Maybe they know something we all don’t know yet,” said Naguib.

The company predicts new mobile growth prospects as Egypt moves towards forming a new government.

Vodafone Egypt is awaiting the approval of the Supreme Council of the Armed Forces (SCAF) to extend its fibre network after having received the approval of the National Telecom Regulatory Authority (NTRA) two months ago.

Desmond Shephard