24 March 2025 – The General Assembly of the Egyptian Satellite Company “Nilesat” was held on Monday, 24th of March 2025 to approve the Final Financial Statements for the fiscal year 2024 in the presence of Mr. Ahmed Al-Muslimany, Chairman of the National Media Authority.
Mr. Sameh Katta Nilesat Chairman and CEO presented the Board of Directors’ report, highlighting the company’s efforts to face economic and market challenges, ensuring a continued upward trajectory in annual profits for the second consecutive year. The Net Profit Reached $57.7 million by the end of year 2024 up from $43.8 million in 2023 marking a 31.83% increase.
Mr. Sameh Katta also highlighted that the total operating expenses, declined to $58.2 million by the end of 2024, compared to $67.1 million in the previous year with a decrease rate of 13.35% this was due to the company’s commitment to cost optimization without affecting Nilesat high-performance standards.
Despite challenging economic conditions in many countries within Nilesat’s coverage area, the company has successfully maintained its customer base. The Total Operating Revenues at the end of 2024 reached $101.1 million, compared to $101.8 million in the previous year, reflecting a slight decrease of 0.67%.
The gross operating profit reached $43 million by the end of 2024, compared to $35 million in 2023 with an increase of $8 million (23.85% increase).
Mr. Sameh Katta also added that Nilesat has strategically invested its available cash in Treasury Bills and Bonds to maximize available liquidity resulting in an interest income of $33.4 million in 2024, compared to $22.7 million in the previous year with an increase of $10.7 million (46.90% increase).
The total owner’s equity rose to $656.1 million by the end of 2024, compared to $622.9 million in 2023 with an Increase of $33.2 million (5.34%).
The General Assembly also approved the distribution of Dividend Coupon No. (24) for Nilesat shareholders for the year 2024 at a value of $0.55 per share, to be paid in May 2025.
Finally, Mr. Sameh Katta expressed his gratitude to the Board of Directors and all Nilesat employees for their efforts throughout the year, which positively impacted the company’s financial statements.
