Egypt-based Orascom Telecom has posted promising results for the first half of 2004, reporting revenue growth of 106% to EGP5.4 billion (USD879 million) at the end of June. EBITDA grew by 153% to EGP2.9 billion (USD476 million) during the same period, with net income standing at EGP1.16 million (USD187 million), compared to EGP137 million a year ago. The company’s net debt stood at EGP4.7 billion (USD755 million) at the same date, a 5% decrease in the second quarter alone, mainly due to the deconsolidation of Telecel Loteny in the Cote d’Ivoire.
Orascom’s total subscriber base stood at 9.2 million at the end of June 2004, an increase of 71% in a year. Djezzy in Algeria claimed 1.97 million customers, Egypt’s MobiNil 3.92 million, Mobilink in Pakistan 2.8 million, Tuniaiana of Tunisia 711,674, Iraq’s Iraqna 216,459, Telecel (including operations in Zimbabwe and Oasis Telecom of the DRC) 169,458, and Libertis in Congo Brazzaville 119,710. Orascom Telecom does not own 100% in all its subsidiaries and the subscriber figures given are not proportionate; its total proportionate customer base stood at 5.6 million at the same date.Djezzy, MobiNil and Mobilink were the main contributors to the strong financial results, with Djezzy contributing 36% of the total revenues, and Mobilink and MobiNil both accounting for 17%. Djezzy also contributed 44% of the group EBITDA, Mobilink 20% and MobiNil 16%.