Telnet Holding Signs Partnership Agreement to Launch Satellite in 2024
During its presence at the Comex technology exhibition in Muscat, Telnet Holding signed a partnership agreement with Chinese company Star.Vision and Omani company Oman Lens. This partnership will enable the signatory parties to collaborate on launching a satellite in September 2024.
Telnet's Contribution to the Project
Telnet's contribution to this significant space project involves providing its expertise in the Internet of Things (IoT) and artificial intelligence algorithms used in Earth Observation (EO) to develop new applications in high-value-added domains.
Financial Impact and Growth Opportunities
Although the financial impact of this project is unknown, it presents an opportunity to capitalize on the know-how acquired during the first Challenge One launch in March 2021. The group is striving to find new growth relays and boost its revenue and profitability. The first quarter of 2024 showed encouraging figures, with a 12.4% increase in operating revenue to 16,968 Mtnd and an EBITDA margin of 21.57%.
Positive News for Shareholders
This is excellent news for the company's shareholders, who are still awaiting the publication of the 2023 financial statements and the scheduling of the next General Assembly, which is expected to be tumultuous. The stock is currently trading at 5,100 dinars, down 33.77% since the beginning of the year. While other factors have contributed to the stock's decline, the hope is to convince the market that the organization can function normally even in the absence of its founder. Only this conviction can reverse the stock's trajectory.
