Cairo-based satellite operator Nilesat continues to suffer from squeezed margins leading to falling revenues and lower net profit.
In its latest set of accounts, released to the Cairo stock exchange on February 11th, the operator’s net profit for 2020 tumbled 19.8 per cent (y-o-y) to $34.15 million, compared to $42.53 million in the previous year.
Revenues were also under pressure with $125.1 million generated in the year, down from $130.71 million in 2019. All its accounts are currently unaudited, said a statement to the bourse.
During the first 9 months of trading in 2020 Nilesat achieved net profits of $26.07 million compared to $35.04 million in the same period in 2019.
Nilesat has ordered a new satellite (Nilesat 301) from Thales Alenia for a likely launch early in 2022. SpaceX will launch the craft.