Nilesat reports 12% increase in profits for 2023

Daily News Egypt
3 Min Read

Nilesat, the Egyptian satellite operator, announced on Saturday that it achieved a 12% increase in profits for the year ended December 31, 2023. The company’s profits reached $43.754m, compared to $38.967m in 2022.

Revenues from operations also increased by 2% to $101.825m, compared to $99.859m in 2022.

The announcement was made during the company’s general assembly meeting held at its headquarters in the 6th of October City on Saturday. The meeting approved the distribution of a dividend of 50 cents per share.

Nilesat’s Chairperson and managing director, Sameh Qattah, said that the company’s decision to invest in treasury bills and government bonds in foreign currencies aimed to maximize the benefit of the company’s available cash balance.

Interest income on the balance sheet reached $22.7m, compared to $7.5m in 2022, an increase of 205%.

The report also showed that total assets on the balance sheet reached $660.889m, compared to $649.888m in 2022, an increase of $11.001m. Total shareholders’ equity on the balance sheet reached $622.907m, compared to $604.226m in the previous year, an increase of $18.681m.

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.

Qattah emphasized in his report the importance of providing all the necessary resources to invest in the company’s human resources, which represents a fundamental pillar in the company’s success journey. This includes developing capabilities, skills, and experiences, and preparing cadres to lead the company in the future.

Qattah concluded by thanking all the company’s employees for their efforts during the year, as well as the members of the board of directors for their positive contributions in supporting the company’s management and its plans for continuous development and modernization, in line with Nilesat’s position as one of the most important satellite operators in the Middle East and Africa.

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