NileSat profits trimmed
May 13, 2022
By Chris Forrester
NileSat has again seen its profits squeezed. It has recorded net profits of $7.27 million (€7m) during the first quarter of 2022, lower than $15.30 million in Q1 last year.
NileSat’s revenues settled at $25.04 million in the first three months of this year, compared to $30.95 million during the same period a year earlier, according to the unaudited financial results presented to the Cairo bourse in a disclosure on May 11.
During the January-December 2021 period, the Cairo-based operator logged net profits worth $30.75 million, lower than $34.15 million in 2020.
Meanwhile, In the first nine months of 2021, NileSat registered net profits worth $20.30 million, down 22 per cent from $26.07 million in the matching 9 months of 2020.
NileSat is expecting its latest craft, NileSat 301 to launch later this month by SpaceX. The satellite was ordered with Thales in December 2019 with a development date of 25 months.
Egypt’s first satellite (NileSat 101) was launched in April 1998 and decommissioned in 2013. NileSat 102 followed in 2000 and was retired in June 2018 and moved to a graveyard orbit. NileSat 201 was launched in August 2010 and with a mission duration of 15 years. All operated from the 7 degrees West orbital position.