Arabsat revenues exceeded $200M in 2023: CEO

Alhamedi Alanezi CEO of Arabsat

Arabsat recorded revenues of more than $200 million in 2023, CEO Alhamedi Alanezi told Argaam in an exclusive interview on the sidelines of LEAP 2024.

The company plans to continue its growth and aims to leverage high revenues for the development of infrastructure and the construction of new satellites without the need for borrowing or financing.

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Alanezi revealed that the company's market value stands at $2 billion. This value is based on Arabsat's ownership of ten satellites, each costing at least $160 million, in addition to the launch costs ranging between $50 million and $80 million.

Arabsat is in the process of launching three new satellites in the near future. Badr-7 is in the manufacturing phase and is expected to be ready by the end of 2026 or early 2027. Badr-9 is expected to be ready by 2028, in addition to another satellite in partnership with Hellas Sat is expected to be launched within three years.

Alanezi added that the Kingdom is witnessing the second phase of communications industry development, which includes developing the 5G networks and the sector's infrastructure. He underlined the need to focus on developing the satellite and communications infrastructure.

The company owns 10 operational satellites, in addition to two satellites under manufacturing, the CEO said, noting that the firm has ambitious plans to expand in Africa and Asia, where it is building new stations through commercial alliances.

Arabsat provides media broadcasting and communications services, with a focus on meeting the needs of each country.

The Arab countries are the company's most important markets, particularly Saudi Arabia which is the home of its headquarters.