Nilesat reports 31.83% profit growth in 2024
The General Assembly of the Egyptian Satellite Company, Nilesat, convened on March 24, 2025, to approve the final financial statements for the fiscal year 2024. The meeting was attended by Ahmed Al-Muslimany, Chairman of the National Media Authority.
During the assembly, Nilesat Chairman and CEO Sameh Katta presented the Board of Directors report, emphasising the companys resilience in overcoming economic challenges and maintaining strong financial performance for the second consecutive year. The company reported a net profit of $57.7m for 2024, marking a significant 31.83% increase from $43.8m in 2023.
Katta also highlighted a notable reduction in total operating expenses, which declined by 13.35% to $58.2 million from $67.1m in the previous year. This cost optimisation strategy was implemented without compromising Nilesats high-performance standards.
Despite economic difficulties in several regions within its coverage area, Nilesat successfully retained its customer base. Total operating revenues stood at $101.1m at the end of 2024, a slight decrease of 0.67% compared to the previous years $101.8m. However, gross operating profit rose by 23.85%, reaching $43m, up from $35m in 2023.
The company also reported a substantial increase in interest income, which surged by 46.90% to $33.4m, up from $22.7m in 2023, due to strategic investments in Treasury Bills and Bonds. Additionally, total owners equity increased by 5.34% to $656.1m, compared to $622.9m in the previous year.
As part of its financial strategy, the General Assembly approved the distribution of Dividend Coupon No. 24, granting shareholders a dividend of $0.55 per share, payable in May 2025.
Expressing his gratitude, Sameh Katta commended the Board of Directors and Nilesat employees for their dedication, which contributed to the companys strong financial performance in 2024.
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