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Azerbaijan’s AzerCosmos Reports Revenue Increase Of 81% For First 3Q Of 2019

Artist’s depiction of the Azerspace-2/Intelsat-38 communications satellite. Image courtesy of Space Systems Loral (SSL).

Azerbaijan’s state space company, AzerCosmos Open Joint Stock Company (OJSC), posted revenues of U.S.$30.2 million for the period January-September 2019, an increase of 81 per-cent for the same period in 2018, according to Azerbaijani press reports.

Over the period of January-September 2019, Azercosmos exported services to 24 countries. During the reporting period, the United States (U.S.$9 million), France (U.S.$7.8 million), the United Kingdom (U.S.$ 5.8 million), Malaysia (U.S.$ 4.2 million), and the United Arab Emirates (U.S.$1 million) accounted for the bulk of the company’s services, according to the data provided by the Azerbaijani Centre for Economic Reforms Analysis and Communication.

During the reporting period, revenues from the export of services accounted for 88 per-cent of Azercosmos’ total revenues. The income of Azercosmos OJSC from its commercial operation of satellites in 2018 amounted to U.S.$25.6 million.

AzerCosmos operates the Azerspace-1 and Azerspace-2 communication satellites, and the AzerSky Earth observation satellite, and is the only satellite operator in the Caucasus.

News of the revenue earnings of AzerCosmos comes on the heels of Baku, the Azerbaijani capital city, being selected to host the 73rd International Astronautical Congress (IAC) in 2022 by the International Astronautical Federation (IAF).

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