Egyptian Satellites Company (NileSat), a satellite operator focused on the Middle East and North African market, has reported USD 32.4 million in revenue during the first quarter of 2020, a slight decline from the USD 32.9 million recorded in Q1 2019, according to the company’s unaudited financial report available to the public.

Nilesat recorded USD 10.8 million in net profit in the January-March period, about 5.3% decline from the USD 11.4 million made during the same quarter in 2019.

Nilesat sees year-on-year dip in revenue since 2014. In January, the publicly-traded company on the Egyptian Stock Exchange reported USD 130.7 million in revenue for the 2019 fiscal year; the lowest the company has recorded since the USD 200 million high in 2014.

To salvage its revenue decline and increase its capacity, Nilesat recently signed a contract with French aerospace giant Thales Alenia Space for the manufacture and delivery of a new communications satellite named NileSat 301. When in orbit, NileSat 301, which operates on Thales Alenia’s latest Satcom technologies, will boost NileSat’s capacity and enable the company to be competitive in the market.