Egyptian mobile operation MobiNil has released its financial results for the three months ended 30 June 2009, posting a 26% year-on-year increase in net profit, beating forecasts. In its second fiscal quarter MobiNil posted a consolidated net profit of EGP536 million (USD96.1 million), while group revenue jumped 27% y-o-y to EGP2.73 billion compared to EGP2.45 billion a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) were EGP1.32 billion, up 23% compared to 2Q 2008. Commenting on the positive results, Hassan Kabbani, MobiNil’s CEO, said: ‘Despite the challenging global economical situation and increased competition, we were able to achieve a double digit growth in our turnover and profits.’
At the end of June 2009, MobiNil’s subscriber base stood at 22.85 million, up 30% against the same date a year earlier, when it had 17.52 million. Meanwhile, average revenue per user (ARPU) fell to EGP40 per month, down from EGP47 twelve months previously.