Egypt Daily News – NileSat continues its upward trajectory, reporting a net profit of $57.7 million by the end of 2024, marking a 31.83% increase from $43.8 million in the previous year. The announcement was made by Major General Sameh Qutah, Chairman and Managing Director of the Egyptian Satellite Company (NileSat), during the company’s Annual General Meeting held on Monday.
Cost Reduction and Revenue Performance
Qutah highlighted the company’s success in cutting operating expenses while maintaining high performance. Total operating costs for 2024 amounted to $58.2 million, compared to $67.1 million in 2023, reflecting a 13.35% decrease.
Despite global economic challenges, NileSat sustained its customer base, with total revenue reaching $101.1 million in 2024, showing a slight 0.67% decline from $101.8 million the previous year. However, gross profit rose to $43 million, up $8 million from $35 million in 2023, marking a 23.85% growth.
Strategic Investments and Equity Growth
The company strategically invested in treasury bills and government bonds, generating $33.4 million in interest income—a 46.9% increase from $22.7 million in 2023. Additionally, total shareholders’ equity climbed to $656.1 million, up from $622.9 million in 2023, representing a 5.34% growth.
Dividend Payout for 2024
During the meeting, the General Assembly approved a shareholder dividend of $0.55 per share for 2024.
NileSat’s ability to navigate economic and market challenges while maintaining profitability reflects its commitment to operational efficiency and financial stability, reinforcing its position as a leading satellite communications provider in the region.
