UAE-based Al Yah Satellite Communications approved an amendment to Yahsat’s current dividend policy to permit semi-annual dividend payments allowing Yahsat to pay an interim dividend to shareholders in October 2022 and to maintain semi-annual dividend payments going forward.
A final dividend of AED192.7million [$52.5m] for fiscal year 2021 is payable no later than 11 May 2022 to all shareholders of record as at 21 April 2022.
“In 2021, Yahsat successfully listed on ADX and has continued to demonstrate sustained strength and resilience amidst ongoing economic disruption, laying strong foundations for growth by providing critical connectivity services to government and commercial customers in the UAE and beyond,” said Musabbeh Al Kaabi, chairman of Yahsat.
“I am pleased to say that the positive momentum we saw in the second half of 2021 is expected to continue into 2022, and I am confident that we will continue to deliver growth across the business by capturing new opportunities on both the government and commercial fronts.
“We are also pleased to be able to deliver on our dividend commitment made at the time of the IPO. At the AGM, our shareholders approved a final dividend for fiscal year 2021 of AED192.7m, or 7.90 fils per share, bringing the total dividend for the year to AED385.5m, or 15.80 fils per share, reinforcing our position as one of the highest dividend yielding stocks on ADX and our commitment to shareholder value creation. We also reconfirm our plans to grow the dividend by at least 2 percent per annum, which, going forward will be paid semi-annually starting in October 2022,” he continued.
Calling 2021 a “pivotal year for Yahsat”, its group CEO Ali Al Hashemi listed the satellite provider’s achievements last year, chief of which was becoming an ADX-listed company.
“Other milestones included being appointed to assess two new UAE government satellites for launch in 2026, signing a more than AED 2.57bn [$700 million] 15-year agreement with the UAE government for managed capacity services on the Thuraya 4 Next Generation Satellite, accelerating market diversification in defence and oil and gas and seeing 20 percent growth in our data solutions consumer subscriber base. This strong operational performance underpinned our robust fiscal year 2021 financial results and exceptional 4Q21 performance,” said Al Hashemi.
“Looking ahead to 2022, the satellite industry is set for significant growth both nationally and internationally. We expect to build on our position as the UAE’s flagship satellite operator, and we have an extensive pipeline of new business opportunities, with approximately 70 percent of 2022 projected revenues already contracted at the end of 2021,” he added.
Earlier this year, Al Yah Satellite Communications Company announced that its government arm has been awarded an AED909.5m mandate to provide enhanced managed services to the UAE Government for its satellite communications capabilities.
The deal for Yahsat Government Solutions augmented the previous operations and maintenance services provided, to include technology management support, until the end of 2026.
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