Nilesat FY profits up 12%
April 2, 2024
By Chris Forrester
Cairo-based Nilesat reported a 12 per cent increase in profits for the year ended December 31st 2023. The company’s profits reached $43.754 million, compared to $38.967 million in 2022. Revenues from operations also increased by 2 per cent to $101.825 million, compared to $99.859 million in 2022.
The announcement was made during the company’s general assembly meeting held at its headquarters at 6th of October City on March 30th. The meeting approved the distribution of a dividend of 50 cents per share.
Nilesat’s Chairperson and MD, Sameh Qattah, said that the company’s decision to invest in treasury bills and government bonds in foreign currencies aimed to maximise the benefit of the company’s available cash balance had been of benefit.
Interest income on the balance sheet reached $22.7 million, compared to $7.5 million in 2022, an increase of 205 per cent.
The report also showed that total assets on the balance sheet reached $660.889 million, compared to $649.888 million in 2022, an increase of $11.001 million. Total shareholders’ equity on the balance sheet reached $622.907 million, compared to $604.226 million in the previous year, an increase of $18.681 million.
Qattah pointed out that the company’s successes were not limited to the financial aspect, but also included other achievements, such as obtaining the highest level of the WTA global certificate for its ground station and the ISO 9001 certificate in quality management systems. This was achieved in parallel with the restructuring of the company in line with the recommendations of the ISO certificate in quality management and governance systems.