Cairo-based satellite operator is proposing to pay shareholders a dividend of 50 cents per share held for the year ending December 31st.

The proposal will be referred to the ordinary general meeting (OGM), scheduled to be held on March 14th, for approval, the company said in a statement to the Egyptian Stock Exchange (EGX) on February 20th. Last year, Nilesat suffered a 20 per cent fall in its net profits, recording $42.53 million ($53.46 million in 2018) according to the company’s financial statements. Revenues last year tumbled to $130.71 million (and down 9.9 per cent) compared to $145.12 million in the previous year.

Nilesat has already contracted with SpaceX to launch a new satellite, being built by Thales-Alenia Space, in 2022.

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