Telecom Egypt expects mobile license in March or April

Egypt’s landline monopoly expects government to grant it a license soon

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Egypt’s landline monopoly Telecom Egypt said it expects a newly formed government to grant it a license to provide mobile services this month or the next, the company's chief executive said on Wednesday.

Chief Executive Mohamed el-Nawawy expects the license to be issued in March or April, he told Reuters after the company announced 2013 results.

The company posted consolidated net profits of 2.96 billion Egyptian pounds ($425.27 million) in 2013, compared to 2.62 billion in 2012, according to a balance sheet published in a newspaper on Wednesday.

The Egypt-based joint stock company earned revenues of 11.13 billion Egyptian pounds in 2013, against 10.03 billion in 2012.

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