The Egyptian Satellite Company SAE, trading as EGSA.CA, has released its unaudited financial statement for the 2020 fiscal year. The financial statement was sent to the Egyptian Exchange on February 11, 2021.
The Egypt-based satellite radio and television broadcasting operator, also known as NileSat, reported $125.1 million in revenue for 2020. This represents a 4% decline compared to the $130.7 million recorded in the previous year. However, the dip is smaller than the 10% decline recorded between 2018 and 2019.
Similarly, after-tax, NileSat’s net profit also shrank by 19.6% from $42.5 million in 2019 to $34.2 million in 2020. For the nine-month period in 2020, NileSat had reported a net profit of $26.1 million compared to the $35 million recorded a year ago.
Since it nearly reported $200 million in annual revenue in 2014, NileSat’s revenue seems to be a steady decline.
Last year January, NileSat had signed a contract with SpaceX for the in-orbit delivery of its Nile-301 geostationary communications satellite expected to launch next year. Thales Alenia Space will manufacture the new communications satellite.