Egypt’s publicly-traded satellite operator Egyptian Satellites Company (NileSat) has reported USD 31.42 million in revenue earned during the second quarter of 2020, bringing the company’s total revenue for the first six months in 2020 to USD 63.79 million.

Nilesat recorded a 17% Year-on-Year decline in net profit in H1 2020, according to the company’s financial statements filed to the Egyptian Exchange. Its net profit stood at USD 19.56 million in H1 of 2020, compared to USD 23.8 million recorded in H1 of 2019.

Nilesat has continued to see pressure in its revenue and net profit since 2014. In January, the Cairo-based company 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.