Azerbaijan’s satellite operation Azercosmos ended 2019 with a net profit of $2.13 mio, Azernews portal reports. According to the financial report of Azercosmos, in 2019 its revenue increased by 41.2% compared to 2018, similarly, EBITDA margin rose from 64% to 73%.
According to the Global Satellite Industry Association, the global satellite industry has been “stagnant” in recent years, with industry’s revenues up by around 3% and revenues from pure satellite services relatively declined. However, Azercosmos’ revenues continue to grow steadily, and according to forecasts, revenues are expected to increase further in the coming years. The company said that an income of $63.1 mio is expected under the current commercial agreements.
In general, 90% of Azercosmos’s revenues have come from the export of satellite services to more than 20 countries. According to the 2019 results, Azercosmos ranks first among state and non-state exporters in terms of exports in the service sector. The company’s export portfolio includes orders from leading companies in the US, UK, France, Germany and Malaysia.