Major General Sameh Katta, Chairman of the Board of Directors and Managing Director of the Egyptian Satellite Company Nilesat has announced the company’s robust financial performance for the fiscal year ending on December 31, 2023. Nilesat recorded profits amounting to USD 43.754 million, marking a 12% increase compared to the previous year’s earnings of USD 38.967 million in 2022.
He announced this during the company’s general assembly meeting at its headquarters on Saturday, 30 March 2024, at the 6th of October City. Also, Major General Katta disclosed that Nilesat’s total revenue for the same financial period reached approximately USD 101.825 million, reflecting a year-on-year increase of 2% compared to USD 99.859 million in 2022. In addition to the financial performance, Major General Katta announced the approval of a dividend of 50 cents per share to be distributed among all shareholders.
The General Assembly meeting also provided a platform for Major General Sameh Katta to review the Board of Directors’ comprehensive annual report for 2023. His report highlighted Nilesat’s concerted efforts across organisational, structural, and marketing domains.
Major General Katta elaborated on the company’s strategic decision to invest in treasury bills in Egyptian pounds and government bonds in foreign currencies. This decision aimed to optimise the company’s available cash balance, resulting in a notable increase in interest income, which amounted to approximately USD 22.7 million. This figure represented a substantial surge of 205% compared to USD 7.5 million in the previous fiscal year. Furthermore, his report outlined the significant growth in total assets, which stood at about USD 660.889 million, marking an increase of USD 11.001 million compared to the 2022 fiscal year. Total shareholders’ equity also experienced a rise, reaching USD 622.907 million, an increase of USD 18.681 million from the previous year.
Major General Sameh Katta emphasised that Nilesat’s achievements extended beyond financial metrics. Notably, the company attained the highest level of the WTA international certificate for its ground station and secured the ISO 9001 certificate in quality management systems. These accomplishments underscored Nilesat’s commitment to excellence and adherence to global quality standards.
Furthermore, Major General Katta underscored the company’s dedication to nurturing its human capital, recognising it as a cornerstone of Nilesat’s success. He emphasised the importance of investing in developing capabilities, skills, and expertise within the workforce, ensuring the company’s continued growth and leadership in the satellite industry.
In conclusion, Major General Sameh Katta expressed gratitude to all Nilesat employees for their dedicated efforts throughout the year. He also extended appreciation to the members of the Board of Directors for their invaluable contributions in supporting the company’s management and facilitating its ongoing development and modernisation efforts. These efforts, he noted, were essential for maintaining Nilesat’s prominent position as one of the leading satellite operators in the Middle East and Africa.
Source: https://africanews.space/nilesat-reports-usd-43-8-million-profit-in-fiscal-year-2023-marking-a-12-increase-from-the-previous-year/
