Vodafone Generates Revenue in Egypt, Plans to Sell EU Mobile Towers

Vodafone Egypt generated revenue of EGP 8.59 billion (€ 461 million) compared to EGP 7.69 billion (€413 million) in the same period last year, with an increase of around 11.06%

On the other hand, Vodafone Group intends to list its assets in the mobile phone towers sector later next year. The company said it plans to make an initial public offering (IPO) to investors on the Frankfurt Stock Exchange with plans to merge its towers in Greece with the assets of Wind Hellas Telecommunication.

Vodafone is seeking to raise about € 2 billion from the share sale, which is valued at between €10-20 billion, at a time when the company did not disclose the actual value of these assets, owned by Vantage Towers, which is fully owned by Vodafone International.

Vantage Towers, a subsidiary of Vodafone, which is expected to be launched next year, announced earnings before interest, tax, depreciation and amortisation for Q1 2020 was estimated at about $ 789 million at a time when the company's business was affected, as demand for roaming services across its towers decreased due to the corona pandemic.

The company's revenues from operations fell by 1.3% until June, while the company said that the demand for roaming services in Europe has decreased by about 70% amid the paralysis that hit major European cities because of the virus.

The British giant said it does not expect any recovery in demand for roaming services in the near future, with a state of uncertainty surrounding the global travel industry scene without reaching an effective vaccine that can eliminate the pandemic.

Meantime, Goldman Sachs maintained its recommendation to buy the shares of Vodafone Global Group while maintaining the same expectations for the financial results for the current fiscal year that ends in March next year.