Egypt’s NileSat posts $19 mln profits in first half of 2023

By Nada Ali On Aug 13, 2023

Egyptian saltellite Nilesat 301 launched on board of a SpaceX Falcon 9 rocket from Space Launch Complex 40 (SLC-40) at Cape Canaveral Space Force Station in Florida, US, at 11.04pm Cairo time, 8 June 2022. SpaceX

The Egyptian Satellite Company, NileSat has revealed that that its profits rose by 3.19 percent to record $19 million during the first half of this year, according to the financial statements on Sunday.

The company’s revenues rose to $51.19 million, compared with $50.14 million in the comparative period last year. However, NileSat’s financial statements have previously showed that its profits rose marginally during the first quarter of this year.

NileSat posted a net profit of $7.47 million from the beginning of January until the end of March 2023, up from 7.27 million in the same period in 2022, and the revenue rose to $25.58 million, compared with $25.04 million in the same period last year.

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