Orascom reports 8% increase in net income

12 Mar 2007

Egyptian wireless holding company Orascom Telecom has reported an 8% year-on-year rise in its 2006 net income to USD719 million while earnings before interest, taxation, depreciation and amortisation (EBITDA) climbed by 43% to USD1.95 billion. Revenue rose 36% to USD4.4 billion: its Algerian subsidiary, Djezzy, contributed 35% of total revenue, while Pakistan’s Mobilink, generated 23% and its domestic operation MobiNil 11.6%.

In a statement released to the financial community Orascom said it would seek to buy out minorities in its subsidiaries in 2007 and would ‘selectively enter new markets with large population, low mobile penetration with adequate risk and return profile.’ The group is currently leading one of nine consortiums vying for a third mobile licence in Saudi Arabia. It has also expressed interest in buying a stake in Brasil Telecom.

Egypt, Global Telecom Holding (GTH, formerly OTH)