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Monday, April 22, 2024

UAE’s Yahsat reports 6% revenue growth in 2022



Al Yah Satellite Communications (Yahsat), a provider of satellite solutions in the United Arab Emirates, reported a 6% year-on-year increase in revenue to AED1.6 billion (US$433 million) by 2022.

The ADX-listed company said in a statement Tuesday that higher revenue was driven by a 41 percent increase in managed solutions and solid performance in its infrastructure and mobile solutions businesses.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to AED 946 million (US$ 258 million), up 7% year-on-year.

Normalized net revenue rose 31% year-on-year to AED 390 million (US$ 106 million), representing a margin of 25%.

“In a year of continued transformational change in the satellite industry, against a backdrop of global economic headwinds and tightening financial conditions, the company continues to deliver revenue growth, high margins and healthy cash flow, enabling it to sustain and grow Yahsat Chairman Musabbeh Al Kaabi said.

The company also reported a proposed full-year dividend of 16.12 fils ($0.0439) per share, or AED393 million ($107 million), up 2 percent from the previous year. An interim dividend of up to 50% was paid in October 2022, with the remaining amount expected to be paid as a final dividend in May 2023, subject to shareholder approval.

“The launch of the Thuraya-4 NGS satellite in 2024, followed by two potential new satellites, Al Yah 4 and Al Yah 5, demonstrates our commitment to sustaining our core government business and presents a unique growth opportunity for the Group, which is expected to further secure our long-term financial outlook beyond 2026,” added Group CEO Ali Al Hashemi.

Recently, Yahsat and Abu Dhabi’s G42-owned Bayanat signed a preliminary agreement to develop a domestic space programme.

read: UAE’s Yahsat and Bayanat team up for domestic space program

Last year, Hub71, Abu Dhabi’s global tech ecosystem, and Yahsat announced a partnership to accelerate the adoption of start-up technologies in the satellite communications space.

read: Hub71 partners with Yahsat to boost UAE’s mobile satellite capabilities


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