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DUBAI: Mubadala-backed satellite company Yahsat will pay an interim dividend of AED196.6 million by October 14. This will apply to all investors who held shares in the company as of September 30.
Paying the equivalent of Phil 8.06, Yahsat, which currently has a large order book from the UAE government, is on track to deliver AED 393.3 million throughout 2022. “Since listing on the ADX in 2021, we have demonstrated growth and resilience in the face of challenging macroeconomic conditions,” said Chairman Musabbeh Al Kaabi.
“Our strong year-to-date performance was evident in our first half results, when we recorded our highest revenue ever for the period, with significant growth in adjusted EBITDA and net income. Good visibility into future earnings, and future With a revenue contraction of more than AED7.7 billion – equivalent to 5.2 times our 2021 annual revenue – we are well positioned to continue to reward shareholders.”
Yahsat intends to increase the dividend payment “by at least 2% per annum”. Making it the leading company in Abu Dhabi to confirm calibrated annual growth.
The H2-2022 dividend will be paid in April next year. Last month, with about 90% of its projected annual revenue for 2022 secured, Yahsat confirmed it had “narrowed down its fiscal 2022 revenue guidance.” The group expects annual revenue to be “at least AED1.54 billion (and), capped at AED1.61 billion”.
Our dividend policy is strongly supported by strong discretionary cash flow, which we expect to be approximately double our full-year dividend payment this year.The strength of our business today, combined with our confidence in future revenue and profitability, provides a solid foundation for creating shareholder value through a combination of attractive dividends and growth
– Ali Al Hashemi, CEO of Yahsat Group
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