NileSat logs 20% profit decline
Updated 2/11/2021 10:31:00 AM
ArabFinance: The Egyptian Satellites (NileSat) posted a 20% Year on Year (YoY) drop in its net profit in 2020, according to the company’s unaudited financial statements filed to the Egyptian Exchange on February 11th.
Net profit stood at $ 34.15 million (EGP 532.7 million) in 2020, compared to $42.53 million (EGP 663.42) million in 2019.
The company reported a 17% YoY decline in its net profit for the first half of 2020, recording $19,56 million (EGP 311,11 million).
NileSat is an Egypt-based public shareholding company that offers services related to the satellite radio and television broadcasting, in addition to the broadband internet. The company has a booking center that provides a range of services including satellite newsgathering as well as feed and turnaround services, in addition to a training center.
At press time, the conversion rate is $1 = EGP 15.57
