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HomeLatest NewsHispasat achieves a profit of almost 47 million and enters 25% more

Hispasat achieves a profit of almost 47 million and enters 25% more

Date: April 1, 2023 Time: 15:52:32

Hispasat, which is owned almost 90% by Redeia (the former Red Eléctrica), has closed last year with a net profit of 46.8 million euros, reports EP. This is slightly less than what was achieved in the previous year due to the higher investments made. Looking ahead to the current financial year, it is already analyzing new acquisitions with a view to growing during 2023 after the purchase of the American Axess Networks, a company specialized in satellite services and solutions for the corporate market, for 95 million euros and whose sedujony acquired the last year.

The satellite operator also plans to distribute some 37.4 million euros, around 80% of its 2022 profit, although it must first go through the corresponding general meeting of shareholders. The bulk will affect its two main shareholders: Redeia (90%) and the State Company of Industrial Participations (SEPI), which has 7.41% of the capital.

On the other hand, Hispasat has also seen its income increase by almost 25% at constant rates, up to almost 230 million euros. Which has been attributed to 4% organic growth and acquisitions. In any case, the company has contributed 28.5 million euros to the Redeia parent company and losses of 1.2 million euros within the period considered. In the full year, it has added income of 66.3 million euros and posted losses of 2.84 million euros, according to Redeia’s annual financial report.

The satellite operator has already been provisionally awarded the Unique Rural Demand affordable satellite connectivity service for this year, as reported by ‘La Información’. This is a €93 million program to subsidize Internet access in remote rural areas for €35 per month.

Hispasat’s CEO, Miguel Ángel Panduro, highlighted in an interview with EP that the company has managed to grow in a context in which the sector has fallen several points. In this sense, Panduro has highlighted that the company has a debt level of 1.5 times the gross operating profit (Ebitda), half that of the companies in the sector, which gives it a run in the inorganic market. “We have a very important financial strength for new projects. If we are not the best, it will be close,” said the CEO about a debt that is referenced to fixed rates below 2% by 85%.

In this sense, Paduro mentioned the company’s great commitment to the future: the Amazonas Nexus satellite, with which the company wants to generate new additional income from the second half of the year, when it enters service. The manager has indicated that this satellite itself has a capacity equivalent to half of the entire fleet that the company has in orbit and already has 60% of pre-contracted capacity. On the other hand, the company hopes to participate in the large projects launched in the sector at a European level, such as the IRIS2 satellite constellation

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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