[ad_1]
Yahsat will pay at least AED 393 million in dividends for 2022, half of which has already reached shareholders.
In a statement, the company said it was considering procuring two satellites – Al Yah 4 and Al Yah 5 – for launch in 2026, which would “ensure continuity of service well beyond the lifespan of our current fleet” .
Yahsat’s strong financial position, strong balance sheet and significant backlog of future contract revenue make it well-positioned to invest and pursue future growth opportunities
-Ali Al Hashemi of Yahsat
As for the drop in net income, it was related to a non-cash impairment of AED 149 million in HPE Brazil’s joint venture. Yahsat owns a 20% non-controlling stake in the entity. “This reflects the rapidly deteriorating global macroeconomic environment, which has significantly increased the discount rate used to assess the recoverable amount of this investment,” Yahsat said in the statement.
Excluding this, and using only “normalized net income”, Yahsat’s total revenue for the nine months of 2022 is AED278 million. (Normalized net income refers to removing the impact of non-recurring items to better understand the company’s ongoing net income.)
Ali Al Hashemi, Group CEO, said: “Yahsat’s third quarter revenue and EBITDA growth accelerated compared to the first half of 2022, with our core government business performing particularly well and our managed solutions business performing particularly well in quarterly revenue. Excellent. Doubled from last year.
“With the acquisition of the T4-NGS satellite – which we expect to launch in the first half of 2024 and become operational in the first half of 2025 – we remain well-positioned to meet the UAE government’s growing demand for advanced satellite communications solutions. T4 -NGS will also strongly support our commercial operations in China Mobile Solutions, achieved double-digit revenue growth in the first nine months of the year. “
[ad_2]
Source link
