SES Announces Solid Full Year 2016 Results
SES has announced financial results for the year ended Dec. 31, 2016. The company reported revenue of 2,068.8 million euros ($2.1 billion), as well as a gain of 495.2 million euros ($523 million) related to O3b consolidation recognized in the third quarter of 2016. Acquiring the remaining shares in O3b allowed SES to bring it fully into the group. Net profit attributable to SES shareholders was 962.7 million euros ($1.01 billion).
“We continued to execute our strategy of building differentiated capabilities in the four market verticals. This contributed to delivering 2.7 percent growth in reported revenue and SES’ highest ever contract backlog,” said Karim Michael Sabbagh, president and chief executive officer of SES.
In video, SES added nearly 170 HDTV channels and grew in Ultra-HD to 21 commercial channels. SES also introduced MX1, which now provides ancillary capabilities to more than 2,750 global TV channels and more than 120 video-on-demand platforms.
Mobility revenue grew 67 percent, attributable to the agreement with Thales for SES-17, and further agreements with Global Eagle Entertainment, Gogo and Panasonic Avionics.
SES’ government business continued to recover in the U.S. and internationally, including an end-to-end service agreement for the North Atlantic Treaty Organization’s (NATO) Alliance Ground Service (AGS).