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Telecom Egypt: Our profits are EGP 2.2 billion from Vodafone Egypt within a year



The financial statements of Telecom Egypt revealed that the share of its profits in Vodafone Egypt decreased to 2.2 billion pounds in the fiscal year ending on December 31, 2020, compared to 2.8 billion pounds during the period ending on December 31 of 2019.

 

Telecom Egypt’s investments in Vodafone Egypt amounted to 12.3 billion pounds in the fiscal year ending on December 31 of 2020, compared to investments of 10.8 billion pounds during the period ending on December 31 of 2019.

 

Telecom Egypt’s investments represented 170.9 million shares in Vodafone Egypt at the end of the fiscal year ending on December 31, 2020, representing 44.95% of Vodafone’s shares.

 

It is noteworthy that the fiscal year of Vodafone Egypt ends on March 31 of each year, and upon applying the equity method in accounting for investment in Vodafone Egypt when preparing the consolidated financial statements on December 31, 2020.

 

The consolidated financial statements of Vodafone Egypt for the fiscal year ending on March 31, 2019, approved by the company's board of directors, which represent a 12-month period for the period from April 1, 2019 to March 31, 2020, were used, and the movement for the period from April 1, 2019 to December 31 is subtracted. 2019 based on the consolidated financial statements of Vodafone Egypt on December 31, 2019, and the movement of the period from April 1, 2020 to December 31, 2020 will be added from the reality of the consolidated financial statements of Vodafone Egypt on December 31, 2020 to determine the share of the fiscal year from January 1 to December 31, 2020 from Business results.

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