Nilesat suffers another profit fall
August 15, 2022
By Chris Forrester
Cairo-based satellite operator Nilesat has reported its half-year numbers to the local stock exchange, and they are not good. Revenue for its half-year have fallen to $50.14 million (€49.1m), down from $59.49 million in the same period last year.
Net earnings of Nilesat reached $18.70 million during the six-month period ended June 30th 2022, compared to $18.19 million in the same period a year earlier, according to a stock exchange statement.
In its Q2 trading of the year, the net profits fell back to $11.43 million from $28.88 million in Q2 of 2021, while revenues fell to $25.09 million from $28.53 million.
In the first three months of this year Nilesat recorded net profits of $7.27 million, lower than $15.30 million in Q1-21. Revenues were $25.04 million during Q1-22, compared to $30.95 million during Q1-21.