Nilesat profit falls 17%
August 24, 2020
By Chris Forrester
Nilesat has continued to see pressures on its revenues and net profit.
The Cairo-based satellite communications company reported a 17 per cent reduction in its net profit for the first six trading months of 2020.
According to its statement filed to the Egyptian Stock Exchange, the satellite operator said its net profit stood at $19,564,668 (EG Pounds 311,119,307) in H1 2020, compared to $23,812,278 in H1 2019.
The financial results of NileSat for Q1 2020 showed net profits of $10.8 million down by 5 per cent from $11.38 million in the year-ago period.
NileSat’s revenues declined to $32.36 million in the January-March period, compared to $32.86 million in the same period in 2019.
It is worth mentioning that during the full year 2019, NileSat posted net profits of $42.53 million, down 20.45 per cent from $53.46 million in 2018.