NileSat, the Egyptian satellite company, has reported a significant increase in profits for 2024, with net earnings reaching $57.7m, a 31.83% increase compared to the $43.8m profit recorded in the previous year.
The announcement was made during NileSat’s General Assembly, held on Monday and attended by Ahmed El-Moslemany, Chairperson of the National Media Authority.
Sameh Qatta, Chairperson and CEO of NileSat, stated that the company’s efforts to navigate economic and marketing challenges have successfully maintained the upward trend in annual profits for the second consecutive year.
Qatta highlighted that total operating expenses decreased to $58.2m in 2024, compared to $67.1m in the previous year, representing a reduction of 13.35%. This decrease was attributed to the company’s commitment to rationalising expenditure without compromising its performance.
Operating revenues reached $101.1m, slightly lower than the $101.8m reported in the same period last year, a decrease of 0.67%. Despite challenging conditions in many countries within its coverage area, the company managed to retain its customer base.
Gross operating profit amounted to $43m, compared to $35m in the previous year, an increase of $8m, or 23.85%.
Qatta added that the company’s management has optimally invested available cash by investing in treasury bills and government bonds. Interest income increased to $33.4m, compared to $22.7m in the previous year, representing an increase of $10.7m, or 46.90%.
He also noted that total shareholders’ equity increased to $656.1m, compared to $622.9m in the previous year, an increase of $33.2m, or 5.34%.
During the meeting, NileSat General Assembly approved the distribution of dividends to the company’s shareholders for 2024 at a rate of 55 cents per share.
