NileSat’s profit marginally down to $18.7mln in H1-22

PHOTO

Cairo – The Egyptian Satellites Company (NileSat) reported a marginal rise in its net profits during the first half (H1) of the year.

Net earnings of NileSat reached $18.70 million during the six-month period ended 30 June 2022, compared to $18.19 million in the same period a year earlier, according to a stock exchange statement on Thursday.

Revenue for H1-22 slid to $50.14 million, compared to $59.49 million in H1-21.

In the second quarter (Q2) of the year, the net profits retreated to $11.43 million from $28.88 million in Q2 of 2021, while revenues fell to $25.09 million from $28.53 million.

It is worth noting that in the first three months (3M) of 2022, NileSat recorded net profits of $7.27 million, lower than $15.30 million in Q1-21.

Revenues settled at $25.04 million during Q1-22, compared to $30.95 million during Q1-21.