CAIRO – 23 February 2017: Egyptian mobile network operator Orange blamed the flotation of the Egyptian Pound and a rise in key interest rates for its net loss in revenues in 2016, according to a
published by the company on Tuesday.
Despite generating higher revenues in 2016 compared to 2015,
of nearly 2.3 billion EGP in 2016, due also in part to mounting fuel and electricity prices.
Orange also expanded its services in 2016, acquiring a 4G license from the National Telecom Regulatory Authority in October worth U.S. $484 million and a virtual fixed line license amounting to 100 million EGP,
Orange is the second-largest mobile network operator in Egypt. The company acquired Mobinil in 2014 and had it officially rebranded as Orange in May 2015, the state-owned