Abu Dhabi satellite company Yahsat saw a 8.1 percent rise in revenues to AED755 million, over the first six months of 2022, the company announced in its latest financial report.
Net income reached AED167 million, showing a 50.7 percent year-on-year increase.
The rise in numbers was backed by double-digit growth in managed solutions and mobility solutions, with revenues increasing by 35.1 percent and 24.1 percent, respectively.
Abu Dhabi-based Yahsat, which is a part of Mubadala, contracted future revenues over AED7.7 billion, equivalent to 5.2 times the annual revenues of 2021.
This includes the five year AED909 million ‘managed services mandate’ from the UAE Government in February, this year.
“Against a backdrop of challenging global economic headwinds, we are delighted to record our highest ever first-half revenue whilst significantly growing Adjusted EBITDA and net income,” explain Yahsat’s chairman Musabbeh Al Kaabi.
Al Kaabi added ‘in light of our strong year-to-date performance, the Board of Directors’ confidence in future cash flow generation, ability to grow the business and financial strength of the Company, we are reiterating our commitment to deliver attractive shareholder returns.”
Shareholders are likely to see dividend of at least 2 percent per year, with shares priced at AED6.12 fils per share.
This represents a total dividend payment of AED 393 million, the firm said in a statement, adding that it will be split in two equal instalments, payable around October 2022 and May 2023 respectively.
The satellite company, which operates across 150 countries, is also underway to bring in the “next generation satellite,” it said in a statement.
“Looking ahead, we remain on track to bring into commercial service our Next Generation Satellite, Thuraya 4-NGS, in the second half of 2024 whilst two new satellites, Al Yah 4 and Al Yah 5, are under consideration for launch in 2026,” Yahsat’s group chief executive officer Ali Al Hashemi explained.
Al Hashemi added with Yahsat’s robust balance sheet, business resilience and track record in delivering exceptional results, it will “enable us to capture significant value to drive long-term growth.”
Yahsat’s fleet of 5 satellites enables over 80 percent of the global population to access broadband, broadcasting, backhauling and mobility solutions.
Yahsat provides C, Ku, Ka and L-band satellite communications solutions for land, maritime and aero platforms to consumers, governments and enterprises.
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