SES Mobility Segment Posts Nearly 10% Growth in Q1 of 2022
SES saw a modest increase in overall revenues in the three months to the end of March compared to the same stage last year. The operator reported its first quarter 2022 results on May 5. SES achieved revenues of 448 million euros ($472.5 million), up 12 million euros ($12.66 million) compared to the same stage last year. Net profit was 82 million euros ($86.49 million) in the quarter, up 13 million euros compared to the same stage last year.
In terms of specific market segments, mobility saw the most growth, with SES reporting 57 million euros ($60.12 million) in revenues, up almost 10% compared to the same stage last year.
Video revenues for the quarter reached 261 million euros ($275.29 million), down just over 2.5% compared to the same stage last year. One of the key barometers for SES is the success of its Networks business. Here, revenues reached 186 million euros ($196.18 million), which was a very small drop compared to the same stage last year.
“Our Video business continues to deliver long-term value for customers as demonstrated by the most recent deal announced with long-term partner Sky UK, valued at around 85 million euro. We have continued to see customers transitioning from SD to HD in the quarter and
achieved year-on-year growth of HD+ in Germany,” SES CEO Steve Collar commented. “Our Networks business has performed well, on the back of strong growth in Mobility and an encouraging volume of wins across Government and Fixed Data that support our expected uptick in growth.”
Roshan Ranjit, a satellite equity analyst at Deutsche Bank said in a research note that SES had had a “good start to the year” thanks to EBITDA beating forecasts and the recent significant Sky UK contract renewal, which is one of SES’s biggest broadcast customers. Ranjit added SES’s Networks business delivered revenues 4% ahead of Deutsche Bank estimates.