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SES Hopes for a Strong 2023 After Growing Revenue 9% in 2022

By Mark Holmes | February 28, 2023

SES headquarters. Photo: SES

SES saw an increase in its overall revenues in 2022 but a sharp fall in its net profits. These were two of the highlights of its full year results for 2022, announced, Feb. 27. On the revenue side, the company achieved revenues of 1.94 billion euros ($2.05 billion), an over 9% increased compared to the same stage last year. The operator hopes to reach 2 billion euros ($2.11 billion) figure in revenues in 2023 — the upper end of its revenue forecast for 2023.

SES says revenues in mobility were key in driving revenue growth in 2022, with a 2% increase compared to the same stage last year. There are other signs for optimism as well. The company noted that the gross backlog for SES-17 and O3b mPOWER has increased nearly 30% year-on-year and stands at more than $1 billion.

However, not all markets were seeing growth. In video, SES posted revenues of 1.02 billion euros ($1.08 billion) for the year, a fall of close to 6% compared to the same stage last year. Video remains a tough market even though SES delivers more than 8,000 TV channels around the world into almost 370 million homes.

Its net profits were also significantly lower in 2022, compared to 2021. The company had net profits of 189 million euros ($199.82 million), which was an over 40% decrease compared to the same stage last year. SES put this down to higher income tax expense of 124 million euros ($131.1 million).

SES is set for a busy year with a number of its highly anticipated mPOWER satellites set to launch over the course of the year.  “I am pleased with our execution and resulting accomplishments in 2022. Revenue growth of 9% includes strong recovery in cruise and aviation, as well as the acquisition of DRS GES. Revenue and EBITDA were in line with our financial outlook while cash generation was enhanced by accelerated C-Band clearing for Verizon, generating $170 million in 2022,” Steve Collar, SES CEO, said in a statement.