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NileSat’s profit drops 20% in 2019 unaudited financials

NileSat’s profit drops 20% in 2019 unaudited financials
NileSat logged a net profit of $42.53 million
Nilesat
EGSA
0.43% 6.96 0.03

Cairo – Mubasher: The unaudited financial results of the Egyptian Satellites Co (NileSat) posted a 20.45% year-on-year profit retreat during 2019, pressured by lower revenues.

NileSat logged a net profit of $42.53 million last year, down from $53.46 million in 2018, according to a bourse disclosure on Sunday.

Revenues fell to $130.71 million in the twelve-month period ended 31 December 2019, compared to $145.12 million a year earlier.

It is noteworthy that during the first nine months of 2019, NileSat reported a net profit of $35.04 million, down from $41.5 million in the prior-year period.