Cairo-based satellite operator Nilesat suffered a 20.45 per cent fall in profits last year in unaudited accounts. Meanwhile Nilesat has also contracted with SpaceX to launch its Nilesat-301 craft in 2022.

Nilesat registered a net profit of $42.53 million for 2019.This is dramatically down on 2018 numbers when it achieved a net profit of $53.46 million.

Revenues last year tumbled to $130.71 million (and down 9.9 per cent) compared to $145.12 million in the previous year.

The contract with SpaceX for a 2022 launch means that the new satellite will sit alongside the operator’s existing Nilesat 201 craft at 7 degrees West. The launch contract was signed in Cairo on January 21^st. Thales-Alenia Space is building the new satellite.

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