The Egyptian Satellites Company NileSat Reports a net profit of $21.47 million from continuing operations during the first half (H1) of 2024, reflecting an increase from $19.30 million in the same period last year.
Despite the profit growth, revenues slightly declined to $50.80 million in H1-24, down from $51.19 million in H1-23, as per the company’s financial results.
The earnings per share (EPS) for the first six months of 2024 rose to $0.58, compared to $0.52 in H1-23.
As of 30 June 2024, NileSat’s total assets were valued at $653.48 million, a slight decrease from $660.88 million at the close of December 2023.
Q2-24 Financial Results:
In the second quarter (Q2) of 2024, NileSat achieved net profits of $15.09 million, showing a significant improvement compared to $11.82 million in Q2-23.
However, revenues slightly decreased to $25.35 million in April-June 2024, down from $25.60 million during the same period last year.
Earlier, in the January-March 2024 period, NileSat’s net profits after tax experienced a 14.66% year-on-year (YoY) decline, amounting to $6.38 million, compared to $7.47 million in the first quarter of 2023.