Nilesat’s CEO Ahmed Anis confirmed to a general assembly meeting of shareholders that the company recorded net profits of more than $34 million last year. The profit was based on revenues of $125 million. However, this was a 4 per cent decline on 2019’s $130.7 million revenue.

He told the meeting that Nilesat had paid 50 per cent of the value of a project to manufacture and launch its latest satellite, Nilesat 301 now under construction.

Anis added that the contract to build the satellite was signed with Thales Alenia Space, and that SpaceX would launch the craft. The craft is scheduled for launch in 2022.

Anis confirmed that shareholders would receive 45 US cents per share as their dividend.

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