NileSat revenues improve
November 14, 2022
By Chris Forrester
NileSat has not enjoyed the best of times this past few years, with revenues and profits under pressure. But this year is proving to be significantly better.
The satellite operator has reported 48.90 per cent higher profits during the first nine months of 2022 to $30.24 million, compared to $20.30 million in the corresponding period in 2021.
Its revenues reached $74.53 million during the nine-months trading, although down from $86.66 million in the same period in 2021, according to a statement issued to the Cairo bourse on November 10th.
Looking at the most recent three months (Q3) saw NileSat’s net earnings achieving $11.53 million, compared to just $2.10 million in Q3/2021.
Its revenues were reduced to $24.39 million in Q3/2022, compared to $27.17 million in July-September 2021.
During the first half of this year, NileSat reported a marginal rise in its net profits at $18.70 million, compared to $18.19 million in the same period a year earlier. Revenue for H1-22 fell to $50.14 million, compared to $59.49 million in H1/21.