Arabsat revenues up 21%
Written by Chris Forrester
Sunday, 09 May 2010 10:14
Arabsat had an excellent trading year, and has reported revenues of US$190m, up 21% on 2008. Arabsat is about to launch two new satellites.
The Arab Satellite Communications Organization (Arabsat) will launch two satellites within the next two months, officials confirmed on Wednesday. With the launch of two satellites in June and July, there will be five Arabsat satellites orbiting the Earth, Abdul Menem Yousef, representative of the Lebanese minister of telecommunications, said at the opening of the 33rd session of the Arabsat general assembly in Amman.
He added that Arabsat is in the final stages of preparations to launch the two satellites, dubbed 5A and Bader 5.
Yousef noted that despite the global financial crisis, Arabsat's operational revenues amounted to US$190m last year, a 21% increase over the previous year. Arabsat’s net profit stood at US$91m last year, a 198% increase from 2008, he added.
"These figures are exceptional taking into account the global economic crisis, including the services markets late 2008 and through 2009," he said, adding that Arabsat is scheduled to launch a sixth satellite in 2011.
In his address at the opening, Minister of Information and Communications Technology Marwan Juma announced that Arabsat, which launched its first satellite 25 years ago, has drawn up a regional strategic plan for investments worth US$1.6 billion in the communications sector.