Cairo – Mubasher: Egyptian Satellites Company (NileSat) recorded a 14.66% drop in net profit after tax to $6.38 million during the first quarter (Q1) of 2024, compared to $7.47 million in Q1-23.

Revenues edged down by 0.54% year-on-year (YoY) to $25.44 million in Q1-24 from $25.58 million, according to the financial results.

Basic earnings per share (EPS) reached $0.17 in the first three months (3M) of 2024, lower by 15% than $0.20 a year earlier.

In 2023, NileSat witnessed 12.29% YoY higher net profits after tax at $43.75 million, compared to $38.96 million.