UAE’s Yahsat reports 6% rise in revenue for 2022

UAE’s satellite solutions provider Al Yah Satellite Communications Company (Yahsat) has reported a 6 per cent year-on-year rise in revenue to reach Dhs1.6bn ($433m) in 2022.

Higher revenue was driven by a growth of 41 per cent in Managed Solutions and stable performance across the infrastructure and mobility solutions businesses, the ADX-listed company said in a statement on Tuesday.

#Yahsat delivers robust 2022 results, meeting and exceeding financial targets.

Click here for more details: https://t.co/0CqsswCl9t pic.twitter.com/mfQdk8BNWE

— yahsat (@yahsatofficial) February 28, 2023

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to Dhs946m ($258m), up 7 per cent year-on-year.

The normalised net income rose 31 per cent year-on-year to equal Dhs390m ($106m), generating a margin of 25 per cent.

“In a year of continued transformational change for the satellite industry and against a backdrop of global economic headwinds and tighter financial conditions, the company continues to deliver top-line revenue growth, a superior margin and healthy cash flows, positioning it to sustain and grow its dividend and invest in organic and inorganic growth opportunities,” said Musabbeh Al Kaabi, chairman of Yahsat.

The company also reported a proposed full year dividend of 16.12 fils ($0.0439) per share or Dhs393m ($107m), up 2 per cent compared to the prior year. As much as 50 per cent was paid as an interim dividend 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, presenting unique growth opportunities for the Group that are expected to further secure our long-term financial outlook beyond 2026,” added Ali Al Hashemi, group CEO.

Recently, Yahsat and Abu Dhabi G42-owned Bayanat signed a preliminary agreement to develop an in-country space programme.

Read: UAE’s Yahsat, Bayanat partner to develop in-country space programme

Last year, Abu Dhabi’s global tech ecosystem, Hub71 and Yahsat announced a collaboration to accelerate startup technology adoption in satellite communications.

Read: Hub71, Yahsat partner to advance UAE’s mobile satellite capabilities