Nilesat improves revenues
August 15, 2023
By Chris Forrester
Nilesat, the Egyptian satellite company, has reported a 3.2 percent year-on-year rise in net profits after tax during the first half of 2023, recording net-profit of $19.304 million, compared to $18.706 million, according to the financial income statement filed to the Egyptian Exchange.
Nilesat’s operating revenue climbed by 2.09 per cent year-on-year in the six-month period ended June 30th to $51.193 million from last year’s $50.147 million.
Nilesat is a Cairo, Egypt-based public shareholding company that offers services related to satellite radio and television broadcasting, in addition to broadband internet.
The latest financial report shows a modest improvement in trading, Its Q1 net profit was $7.479 million, for example.
Nilesat operates from 7 degrees West, an orbital slot which it shares with Eutelsat (nominally at 8 degrees West) and between Nilesat and Eutelsat provides a total of more than 1000 channels to viewers in the Middle East.