Telecom Egypt, the local landline operator that owns a 44.95 percent stake in Vodafone Egypt, has reported an 8 percent rise in first-half revenues to EGP5.2 billion (US$942 million), reports Cellular News. Net profit after tax was EGP1.75 billion (US$317 million) representing an increase of 41 percent on H1 2008 and translating to a net profit margin of 34 percent. The contribution of share of profits from Vodafone Egypt was EGP632 million (US$114.6 million), up 3.3 percent on the year before. At the same time, the company announced that its current CEO, Eng. Akil Beshir will resign with immediate effect, although he will retain a position on the board of directors. He is to be replaced by Tarek Tantawy, Telecom Egypt’s current VP & CFO.